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Sam Bankman-Fried, the founder of the collapsed cryptocurrency exchange FTX, is being relocated to a new prison, according to a report by The Wall Street Journal.Sources familiar with the situation suggest that Bankman-Fried is likely being transferred from the Brooklyn, New York, jail where he’s stayed for the past nine months to a federal correctional facility in Mendota, California.
The relocation follows federal prosecutors’ recommendations several weeks ago that Bankman-Fried be moved to a lower-security facility in California, facilitating closeness to his family in Palo Alto. This was considered one of the largest financial frauds in U.S. history. It resulted in the theft of billions of dollars from FTX customers and led to the collapse of the once-prominent cryptocurrency platform, which went bankrupt in late 2022.
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