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Cryptocurrency investors suffered billions in losses due to a clear fraud by SBF. When he said he would allocate $1 billion for US election campaigns, he didn’t mention using customers’ assets. FTX users were still trading non-existent cryptocurrencies during these statements.
SBF Moves
Authorities will send Bankman-Fried to the Federal Correctional Institution in Mendota. According to a report published by the Wall Street Journal today, SBF is moving. In March, the FTX fraudster received a 25-year prison sentence. The young former crypto billionaire SBF, convicted of 7 different crimes, was already cornered due to his accomplices’ confessions.
Bankman-Fried has been imprisoned at the Metropolitan Detention Center (MDC) in Brooklyn since his bail was revoked in August 2023, before his trial. Sam and his lawyers requested this move to appeal his sentence and maintain better communication with his attorney.
Moving Away from Family
If transferred to FCI Mendota, SBF, who has been imprisoned near his family for nearly 1.5 years, will be distanced from them. The new prison is approximately 200 kilometers away from his family’s home. According to Federal Bureau of Prisons data, the prison he will be transferred to houses 931 inmates.
SBF was found guilty of defrauding customers through FTX and Alameda. Once dubbed the golden child of crypto and heavily involved in crypto regulations in Congress, SBF suddenly fell from grace and fled to the Bahamas. SBF, who led initiatives like imposing KYC requirements on DeFi applications, was once praised by politicians.
Later, all his accomplices confessed to using customer assets without permission on SBF’s orders. SBF was helpless in the face of these confessions and was sentenced in March.
So, what happened to his accomplices? Ryan Salame, Caroline Ellison, Gary Wang, and Nishad Singh admitted their crimes, and their sentences will be announced considering their court confessions on May 28.
