Sam Bankman-Fried, the founder and former CEO of the now-defunct FTX crypto exchange, may be able to leave prison as early as December 2044, which is over four years sooner than expected according to a report from Business Insider.
He was convicted in 2023 on multiple counts of fraud and conspiracy, leading to a 25-year prison sentence issued in March 2024 for orchestrating an $11 billion fraud scheme.
Key Details:
- His sentence could be lessened due to good behavior, participation in prison programs, and time already served.
- Bankman-Fried used customer funds from FTX to support his hedge fund, Alameda Research, and to cover personal financial needs.
- He was moved to a low-security federal prison following his initial detention period at the Metropolitan Detention Center in Brooklyn, New York.
- While incarcerated, he shared a unit with Sean “Diddy” Combs and even gave an unexpected interview to Tucker Carlson.
According to reports, his sentence reduction is attributed to a system that allows inmates to earn up to 54 days off per year for good conduct, along with other factors such as prison programs and pre-sentencing time.
Caroline Ellison, a key witness in the case and former CEO of Alameda, is also set for an expected release in May 2026 after receiving a two-year sentence and reductions for similar reasons.
For more information and details, check the original article on CoinDesk.
