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>>Fallen FTX founder Sam Bankman-Fried is being transferred to a prison in California.

Fallen FTX founder Sam Bankman-Fried is being transferred to a prison in California.

crypthub

1/24/2025, 11:51:46 AM

Relocation of Sam Bankman-Fried

Federal officials are relocating former FTX CEO Sam Bankman-Fried to a new federal prison in California, as reported by The Wall Street Journal. His spokesperson confirmed the move but refused to reveal the specific destination, with sources suggesting Mendota, California.

Judicial Recommendation and Transfer Process

The judge who oversaw Bankman-Fried’s trial issued an order recommending his detention in New York remain, to facilitate access to appellate counsel. This recommendation was made by Bankman-Fried’s lawyers six weeks prior. The outcome of this order on the transfer is uncertain.

Potential Prison Assignment and Timeline

Given his lengthy sentence, Bankman-Fried is expected to be assigned to a medium-security federal prison. However, the specific facility has not been disclosed. The transfer process could take a month or longer, according to Michael Santos, founder of Prison Professors, due to its gradual nature.

Sentencing of Sam Bankman-Fried and Ryan Salame

In March 2024, Judge Lewis Kaplan sentenced Bankman-Fried to 25 years in prison and a $11.02 billion fine in Manhattan federal court. Kaplan criticized his testimony as misleading. Meanwhile, prosecutors are seeking a sentence of five to seven years for former FTX executive Ryan Salame, arguing for deterrence. Salame’s attorneys requested a maximum term of 18 months, claiming he was not central to the fraud and had significant losses following FTX's collapse.