Sam Bankman-Fried (SBF), the disgraced FTX founder, has been transferred to a less secure federal prison in Los Angeles.
From Brooklyn to Los Angeles
The 33-year-old, previously held in Brooklyn’s Metropolitan Detention Center, is now at the Federal Correctional Institution (FCI) Terminal Island. This low-security facility houses over 900 male inmates. His journey to Terminal Island involved stops at the Federal Transfer Center in Oklahoma City and a medium-security prison in Victorville, California.
The Sentence and the Appeal
SBF is serving a 25-year sentence for misusing FTX customer funds, a crime that contributed significantly to the 2022 crypto market crash. His official release date is December 2044. However, his parents are reportedly exploring options for a reduced sentence, including seeking a presidential pardon.
Pardon Prospects Seem Slim
While SBF’s parents reportedly met with Trump allies to discuss clemency, political insiders believe the chances of a pardon are extremely low. One crypto lobbyist even called the probability “near zero.”