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FTX Fraudster Sam Bankman-Fried Being Transferred to New Prison: WSJ
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.
- 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.
STORY CONTINUES BELOW
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.
Shaurya Malwa
Shaurya is the Co-Leader of the CoinDesk tokens and data team in Asia with a focus on crypto derivatives, DeFi, market microstructure, and protocol analysis.
Shaurya holds over $1,000 in BTC, ETH, SOL, AVAX, SUSHI, CRV, NEAR, YFI, YFII, SHIB, DOGE, USDT, USDC, BNB, MANA, MLN, LINK, XMR, ALGO, VET, CAKE, AAVE, COMP, ROOK, TRX, SNX, RUNE, FTM, ZIL, KSM, ENJ, CKB, JOE, GHST, PERP, BTRFLY, OHM, BANANA, ROME, BURGER, SPIRIT, and ORCA.
He provides over $1,000 to liquidity pools on Compound, Curve, SushiSwap, PancakeSwap, BurgerSwap, Orca, AnySwap, SpiritSwap, Rook Protocol, Yearn Finance, Synthetix, Harvest, Redacted Cartel, OlympusDAO, Rome, Trader Joe, and SUN.
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Crypto Industry Asks President Trump to Stop JPMorgan’s 'Punitive Tax' on Data Access
A coalition of fintech and crypto trade groups is urging the White House to defend open banking and stop JPMorgan from charging fees to access customer data.
What to know:
- Ten major fintech and crypto trade associations have urged President Trump to stop big banks from imposing fees that could hinder innovation and competition.
- JPMorgan's plan to charge for access to consumer banking data may debank millions and threaten the adoption of stablecoins and self-custody wallets.
- The CFPB's open banking rule, which mandates free consumer access to bank data, is under threat as banks have sued to block it, and the CFPB has requested its vacatur.
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