Sam Bankman-Fred, the founder and former CEO of the abandoned crypto exchange FTX, could be released from the prison in December 2044, more than four years earlier, than his original sentence required, according to Business Insider.
Sentenced in 2023 for seven counts of fraud and conspiracy, Bankman-Friede received a 25-year verdict in March 2024 for having orchestrated a $ 11 billion fraud.
Prosecutors showed that he stepped down customer funds from FTX to Alameda Research, Hans Krypto Hedge Fund, using the money to make investments, make political donations and enrich themselves and close employees.
Following his criminal shower, Bankman-Friede was transferred to a federal prison with low security in San Pedro, California, after a stint in Brooklyn’s Metropolitan Detention Center.
While he was there, he lived in the same unit as Sean “Diddy” Combs and gave a surprise interview to Tucker Carlson.
According to the Federal Bureau of Prisons, his verdict is reduced thanks to the accumulated “good behavioral time”, which allows inmates to earn up to 54 days free a year and participate in unspecified prison programs, Business Insider said. Time spent behind columns before the criminal judgment is also incorporated in.
Caroline Ellison, former CEO of Alameda and a central witness in the government’s case, was sentenced to two years, but is now expected to be released in May 2026 after similar reductions.
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