Sam Bankman-Fried is being relocated to a new prison, likely in California, as he works on an appeal to overturn charges.
The transfer process is expected to be slow, and the exact location of the new prison is undisclosed.
Convicted crypto fraudster Sam Bankman-Fried is being moved to a new prison away from New York as he works on an appeal to overturn charges, per a WSJ report.
The location of the new prison is undisclosed as of early Thursday but is thought to be in California, WSJ said. He is likely to be placed in a medium-security prison.
However, the judge who oversaw Bankman-Fried’s trial issued an order that recommended he be kept jailed in New York “to facilitate access to appellate counsel.”
As such, the actual transfer could take over a month, as the process is thought to be slow.
In March, the crypto mogul was sentenced to 25 years in prison and ordered to forfeit $11 billion. He was earlier convicted of seven counts of fraud, conspiracy, and money laundering.
Sam Bankman Fried’s FTX exchange, formerly the world’s third largest, went bust in November 2022 after a CoinDesk scoop said the platform’s sister concern, Alameda Research, was on shaky financial footing.
