Bankman-Fried’s New Token?

Sam Bankman-Fried, the former CEO of FTX, has reportedly said that he would launch his own cryptocurrency once he is released from prison. The claim was published by New York Magazine, which recently took a closer look at his life behind bars.

Bankman-Fried is currently serving a 25-year prison sentence after being convicted of fraud and conspiracy in 2023. He is being held at the federal correctional institution in Lompoc, California, while continuing his legal efforts to reduce or overturn his sentence.

According to fellow inmate David Bunevacz, Bankman-Fried was asked about his plans if he were ever released. He allegedly replied that any serious business venture would require between $50 million and $100 million in startup capital before adding, “I’d launch my own token.” Bunevacz also claimed that Bankman-Fried said “everyone would jump on the new project.”

The remark quickly caught the attention of crypto market observers, as the collapse of FTX remains one of the most high-profile criminal cases in the history of the cryptocurrency industry.

On June 8, Bankman-Fried formally submitted a pardon request to the administration of Donald Trump. Following the news, the probability of a presidential pardon before 2027 on the prediction platform Polymarket rose to approximately 14%.

His legal situation became even more challenging after a U.S. appeals court upheld both his conviction and 25-year sentence. The judges ruled that the evidence presented at trial fully supported the jury’s verdict. Bankman-Fried had previously argued that key evidence had been unfairly excluded from the proceedings, but the court rejected that claim.

The former FTX chief continues to challenge his conviction through additional legal motions while also seeking a presidential pardon. In April, he withdrew one of his requests for a new trial, though he maintained his demand for a different judge to oversee the case.

New York Magazine also described his daily life in prison. Bankman-Fried reportedly takes medication for depression and ADHD, follows a vegan diet, and is writing a serialized prison memoir titled Manfred.

Despite his conviction, he continues to publicly maintain that he is innocent.

The FTX case is still far from over. Civil and bankruptcy proceedings remain ongoing, while former customers continue to monitor efforts to return funds to creditors.

For now, the reports about a potential new cryptocurrency project are based solely on an alleged conversation in prison. There is currently no evidence that such a project is actually being developed.