FTX Founder Sam Bankman-Fried Will be Transferred to a New Prison, Likely in California

Sam Bankman-Fried is being transferred to a new prison, likely in California, as he prepares to appeal his charges. The transfer process is expected to be slow, and the exact location of the new facility remains undisclosed.

Federal officials have begun the process of his transfer to a new prison, overriding his wish to stay in New York, the Wall Street Journal reported on Wednesday, citing a spokesman for the jailed FTX founder.

Bankman-Fried was sentenced to 25 years in prison by a judge for stealing $8 billion from customers of the now-bankrupt FTX cryptocurrency exchange he founded.

The jury found him guilty in November on seven fraud and conspiracy counts stemming from FTX's 2022 collapse in what prosecutors have called one of the biggest financial frauds in US history.

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