FTX Fraudster Sam Bankman-Fried Being Transferred to New Prison: WSJ
The location of the new prison is undisclosed as of early Thursday, but is thought to be in California, WSJ said. He is likely to be placed in a medium-security prison.
May 23, 2024 at 6:10 a.m. UTC
- Sam Bankman-Fried is being relocated to a new prison, likely in California, as he works on an appeal to overturn charges.
- The transfer process is expected to be slow, and the exact location of the new prison is undisclosed.
Convicted crypto fraudster Sam Bankman-Fried is being moved to a new prison away from New York as he works on an appeal to overturn charges, per a WSJ report.
The location of the new prison is undisclosed as of early Thursday but is thought to be in California, WSJ said. He is likely to be placed in a medium-security prison.
However, the judge who oversaw Bankman-Fried's trial issued an order that recommended he be kept jailed in New York "to facilitate access to appellate counsel."
As such, the actual transfer could take over a month, as the process is thought to be slow.
In March, the crypto mogul was sentenced to 25 years in prison and ordered to forfeit $11 billion. He was earlier convicted of seven counts of fraud, conspiracy, and money laundering.
Sam Bankman Fried's FTX exchange, formerly the world's third largest, went bust in November 2022 after a CoinDesk scoop said the platform's sister concern, Alameda Research, was on shaky financial footing.
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Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.