The established pattern
Trump used his legal pardon power for several people. They were Ross Ulbricht, five people tied to BitMEX, the BitMEX company, and Changpeng Zhao.8 Each case was different. During the same time, Trump reported large crypto earnings and holdings.9 The real question is simple. How was each pardon and conflict handled? Timing alone does not prove corruption.
Ulbricht got a full pardon
On January 21, 2025, Trump gave Ross William Ulbricht a full and unconditional pardon. The pardon covers seven convictions. They came from his creation and running of Silk Road. His sentence had been two life terms at once, plus other terms served together, lifetime supervised release, $183,961,921 in forfeiture, and a $500 fee.2
A jury found Ulbricht guilty after a four-week trial. The crimes were drug dealing, running a criminal enterprise, computer hacking, fake documents, and money laundering. The court found he was “Dread Pirate Roberts.” We know who got the pardon. His name is not a guess from a crypto wallet.
BitMEX: separate people, separate warrants
On March 27, 2025, Trump gave separate full pardons to four men. They were Arthur Hayes, Benjamin Delo, Samuel Reed, and Gregory Dwyer. He also pardoned HDR Global Trading Limited. That is the BitMEX company.6 Calling this group “three founders” hides two of the pardons.
He pleaded guilty to failing to set up an anti-money-laundering program. His sentence was two years of probation. That included six months of home detention. He agreed to pay a $10 million criminal fine.4
He pleaded guilty to breaking the Bank Secrecy Act. He got 30 months of probation. Hayes's home detention and $10 million fine were not part of Delo's sentence.5
He pleaded guilty to breaking the Bank Secrecy Act. He got 18 months of probation. His pardon and sentence were his own.5
Dwyer got one year of probation and a $150,000 fine. The company later got two years of unsupervised probation and a $100 million criminal fine. That $100 million was the company's fine. It was not each founder's penalty. It was not revenue, restitution, or money paid to Trump.5
Zhao: his pardon did not pardon Binance
Trump gave Changpeng Zhao a full and unconditional pardon. The warrant is signed October 21, 2025. The pardon was reported in public on October 23. Zhao had pleaded guilty. He caused Binance to fail to keep a working anti-money-laundering program. DOJ's record lists four months in prison and a $50 million fine.8
Binance made its own guilty pleas as a company. It agreed to pay more than $4 billion. Zhao's pardon does not name Binance. So the company's crimes and payment do not belong to Zhao. And his pardon does not cover the company.
The president's crypto interests were disclosed
Trump's official 2026 disclosure gives numbers. It says DT Marks DeFi held a 38.25% stake in WLF Holdco. It lists a $65.625 million equity-sale figure. It lists $236.25 million in token-sale payouts. It lists more crypto payouts too. It also reports $635,068,835 in CIC Digital royalties. Those came from a deal covering NFTs and meme coins.9
Trump reported these figures himself. They show holdings and gross income or payouts. They are not net profit. They are not cash on hand. They are not payment for a pardon. They do not name any buyers. You should not add them into one made-up “crypto profit” number. The CIC Digital figure covers more than $TRUMP trading fees. WLF's own Gold Paper describes money and branding rights. It also says Trump and his family do not run WLF.11
What timing can and cannot tell us
The pardons and Trump's crypto money happen in the same time and field. That makes some questions fair. How were the pardons recommended? Who made contact? What kept the conflict in check? No primary record here shows a payment, token buy, campaign gift, investment, or business deal from a recipient in return for a pardon. We do not add an FEC number to hint at one.
The word “crypto” does not make these one case. Ulbricht's jury convictions were separate. The BitMEX guilty pleas were separate. HDR Global's company plea was separate. Zhao's own plea was separate. Binance's company pleas were separate. Each pardon stands on its own recipient and terms.
The strongest defense
Article II gives the president wide power to pardon federal crimes. A president may think a life term is too harsh. He may feel the punishment has done its job. He may reject an enforcement priority. He may follow a stated pardon policy. A legal pardon does not need a judge to declare innocence. Trump's crypto interests were disclosed. No primary record here shows a recipient buying a pardon or getting a promised official act.
That knocks down the headline “the pardons were bought.” But one narrow question stays. A president keeps large money interests in an industry. Then he pardons several convicted people from it. So what process and safeguards kept the public pardons apart from his private gain?
The dates and terms of each pardon. Each person's own conviction or plea and sentence. HDR Global's separate company pardon. Zhao's own pardon and Binance's separate company deal. And Trump's disclosed crypto holdings and income.
Not establishedAny payment, purchase, gift, investment, or deal traded for a pardon. Any recipient putting money into a Trump business. Any talks that promised an official act. Any shared conduct among all the recipients. A pardon for Binance through Zhao. Net crypto profit. Bought pardons. Bribery. A quid pro quo. Motive. Or any court finding of a conflict or emoluments violation.
Receipts 001 to 011
The pardon papers, court records, and disclosures
Claim map
Timing is not proof of a purchase
- The pardons
- Legal, public acts by the president. Each is written in its own warrant.
- The cases
- Each case was decided on its own. No one takes on another person's crime or penalty.
- Private money
- Trump disclosed his crypto money. That does not prove any recipient paid him.
- What to ask
- Ask how the pardons were recommended. Ask what safeguards were used. Do not invent a deal.
Last updated: August 24, 2026.