Sam Bankman-Fried, Founder of the Collapsed Cryptocurrency Exchange FTX, Was Transferred

Sam Bankman-Fried, founder of the collapsed cryptocurrency exchange FTX, was transferred on April 18, 2025, to the Federal Correctional Institution (FCI) Terminal Island in Los Angeles.

Sam Bankman-Fried, the former CEO of FTX, has begun his lengthy prison sentence at Terminal Island in Los Angeles. Before arriving at the low-security facility, Bankman-Fried was at FCI Victorville, known for its tough conditions and political atmosphere.

This follows his brief stay at the Federal Transfer Facility in Oklahoma City during his relocation.

Sam Bankman-Fried is serving a 25-year sentence and owes $11 billion in restitution for his role in what became one of the largest frauds in cryptocurrency history.

Bankman-Fried's new chapter at Terminal Island comes after he gave an unauthorized jailhouse interview with Tucker Carlson.

The interview drew public attention back to Bankman-Fried's case at FTX, which has taken a dramatic turn.

Bankman-Fried was convicted in November 2023 on multiple fraud charges related to the failure of FTX. At his sentencing in March 2024, Judge Lewis A. Kaplan pointed out that Bankman-Fried knew his actions were criminal but took the risk anyway, believing he wouldn't get caught.

After the collapse of FTX, Bankman-Fried reportedly created a Google Doc with ideas on how to repair his public image. One of the plans included appearing on Tucker Carlson's show and positioning himself as a Republican opposing the “woke agenda.”

According to legal experts, Bankman-Fried's newfound right-wing messaging could be a calculated move to secure a pardon from President Trump.

Since Trump's inauguration, reports indicate that Bankman-Fried may have been reaching out to conservative figures in hopes of a presidential pardon.

This follows Trump's decision to grant clemency to Ross Ulbricht, the Silk Road founder, who will be speaking at the Bitcoin 2025 conference.

While Bankman-Fried remains the face of the FTX scandal, other former executives have faced their own legal battles.

FTX co-founder Gary Wang and former engineering director Ramesh "Sunny" Balwani were the only individuals from the original indictment to avoid prison time. They received credit for the time they had already spent in custody, thanks to their cooperation with the investigation.

The story of FTX may have taken a new turn with Bankman-Fried's legal battles, but it's far from over. This saga has many more twists to unfold.