FTX Founder Sam Bankman-Fried Transferred to Low-Security Federal Prison in Los Angeles
The incarcerated founder of bankrupt crypto exchange FTX is now detained in a correctional facility in Los Angeles, California.
According to the inmate database of the Federal Bureau of Prisons (BOP), Sam Bankman-Fried is currently serving time at the Federal Correctional Institution (FCI) Terminal Island.
The 33-year-old was previously held at the Metropolitan Detention Center in Brooklyn, but the BOP moved him to a series of locations. FCI Terminal Island houses more than 900 low-security male inmates.
Last month, Bankman-Fried was brought to the Federal Transfer Center in Oklahoma City, which houses inmates who are being transported through the prison system. He was then taken to a medium-security federal prison in Victorville, California, before his subsequent move FCI Terminal Island.
The former crypto golden boy was sentenced to 25 years in prison after he was found guilty of charges arising from the misuse of FTX customer funds. The multi-billion-dollar collapse of the crypto exchange marked the height of the 2022 digital asset bear market.
Bankman-Fried is set to be released in December 2044, but his parents are taking action to reduce his sentence.
Stanford Law School professors Joseph Bankman and Barbara Fried reportedly met with people connected to US President Donald Trump earlier this year to discuss potential clemency for their son. Political insiders do not think this will happen, though. A crypto lobbyist interviewed by Fortune said that the probability of a pardon is “near zero.”
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