FTX Fraudster Sam Bankman-Fried to Be Transferred to New Prison: WSJ Report

Convicted crypto fraudster Sam Bankman-Fried is set to be relocated to a new prison outside of New York as he prepares an appeal to overturn his charges, according to a Wall Street Journal report.

The exact location of the new prison remains undisclosed as of early Thursday, but it is speculated to be in California, the WSJ reported. Bankman-Fried is likely to be placed in a medium-security facility.

The judge who presided over Bankman-Fried's trial recommended that he remain in New York to ensure easier access to his appellate counsel. Consequently, the transfer process could take more than a month due to its slow nature.

In March, Bankman-Fried was sentenced to 25 years in prison and ordered to forfeit $11 billion after being convicted on seven counts of fraud, conspiracy, and money laundering.

The downfall of his FTX exchange, once the world's third-largest, occurred in November 2022 following a CoinDesk report revealing the financial instability of its sister company, Alameda Research.

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