The incarcerated founding father of bankrupt crypto change FTX is now detained in a correctional facility in Los Angeles, California.
In line with 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 sequence of areas. 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 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 expenses arising from the misuse of FTX buyer funds. The multi-billion-dollar collapse of the crypto change marked the peak of the 2022 digital asset bear market.
Bankman-Fried is ready to be launched in December 2044, however his dad and mom are taking motion to cut back his sentence.
Stanford Regulation Faculty professors Joseph Bankman and Barbara Fried reportedly met with folks linked to US President Donald Trump earlier this yr to debate potential clemency for his or her son. Political insiders don’t suppose this can occur, although. A crypto lobbyist interviewed by Fortune stated that the chance of a pardon is “close to zero.”
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