FTX Founder Sam Bankman-Fried Moved to California Facility
CryptoNewsTerminal Staff22 May, 2024
FTX Founder Sam Bankman-Fried Moved to California Facility
Sam Bankman-Fried (SBF), the founder of failed cryptocurrency exchange FTX, has been moved to a new prison facility in California, according to the Wall Street Journal. SBF had been seeking to remain in jail in New York, where he has been held since his arrest in December 2022. The exact location of SBF's new prison is unclear, but sources told the Journal that he was taken to a facility in Mendota, California. SBF is facing multiple criminal charges, including wire fraud, securities fraud, and money laundering. He has pleaded not guilty to all charges. The move to a new prison comes after SBF's attorneys filed a motion to have him released on bail. The motion was denied by a judge, who ruled that SBF posed a flight risk. SBF's trial is scheduled to begin in October 2023. He faces up to life in prison if convicted on all charges.
