FTX Founder Sam Bankman-Fried Transferred to Low-Security Federal Prison in Los Angeles

The incarcerated founding father of bankrupt crypto alternate FTX is now detained in a correctional facility in Los Angeles, California.

Based on the inmate database of the Federal Bureau of Prisons (BOP), Sam Bankman-Fried is at the moment serving time on the Federal Correctional Establishment (FCI) Terminal Island. 

The 33-year-old was beforehand held on the Metropolitan Detention Middle in Brooklyn, however the BOP moved him to a collection of places. FCI Terminal Island homes greater than 900 low-security male inmates.

Final month, Bankman-Fried was brought to the Federal Switch Middle in Oklahoma Metropolis, which homes inmates who’re being transported by way of the jail system. He was then taken to a medium-security federal jail in Victorville, California, earlier than his subsequent transfer FCI Terminal Island.

The previous crypto golden boy was sentenced to 25 years in jail after he was discovered responsible of costs arising from the misuse of FTX buyer funds. The multi-billion-dollar collapse of the crypto alternate marked the peak of the 2022 digital asset bear market.

Bankman-Fried is about to be launched in December 2044, however his mother and father are taking motion to scale back his sentence.

Stanford Legislation College professors Joseph Bankman and Barbara Fried reportedly met with folks related to US President Donald Trump earlier this 12 months to debate potential clemency for his or her son. Political insiders don’t suppose this can occur, although.  A crypto lobbyist interviewed by Fortune mentioned that the chance of a pardon is “close to zero.”

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