Sam Bankman-Fried has floated the idea of launching a new token after prison, according to a New York Magazine report that offers a rare glimpse into the FTX co-founder’s life behind bars.

The anecdote came from fellow inmate David Bunevacz, who said Bankman-Fried often spoke about needing tens of millions of dollars to build a meaningful business. Asked about his plans following the release, the disgraced entrepreneur reportedly said that he would start a token and that people would flock to it.

His legal troubles have never severed Bankman-Fried’s connection to the crypto world. According to a report by The New York Times in February 2024, the former FTX CEO shared crypto-related views with prison guards, including encouraging them to consider buying Solana.

Bankman-Fried needs a pardon before his next token

Bankman-Fried’s next token may be two decades away after a federal appeals court dealt a major blow to the former FTX chief’s efforts to overturn his conviction.

The court upheld Bankman-Fried’s 2023 fraud conviction, rejecting arguments that the trial judge improperly limited his defense. Prosecutors maintained that customer funds were diverted to cover losses at Alameda Research, a claim backed by testimony from former FTX insiders who cooperated with authorities.

The ruling leaves Bankman-Fried facing a prison term that could keep him incarcerated until around 2044, meaning any return to the crypto industry is unlikely in the near term unless he succeeds in securing legal relief or a presidential pardon.

The jailed entrepreneur has formally applied for clemency, according to records on the Justice Department’s Pardon Attorney Office website.