Sam Bankman-Fried to be relocated to new prison

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23rd May 2024 – (New York) Federal authorities have initiated the process of transferring Sam Bankman-Fried, the former CEO of FTX, to a different prison facility, against his preferences to remain in New York for the preparation of his appeal. This development was confirmed by a spokesperson for Bankman-Fried, as reported by the Wall Street Journal.

Earlier this year, Bankman-Fried received a 25-year prison sentence after being convicted of misappropriating $8 billion from customers of the now-defunct cryptocurrency exchange, FTX. His conviction in November came on the heels of seven charges including fraud and conspiracy, linked to the collapse of FTX in 2022 — an event that prosecutors have described as one of the most significant financial frauds in US history.

The decision to move him comes amidst his ongoing efforts to challenge the conviction, though specific details regarding the new location or the reasons for the transfer have not been disclosed. The move marks a significant step in the continuing legal saga surrounding the disgraced cryptocurrency mogul.