Convicted cryptocurrency fraudster Sam Bankman-Fried is being transferred to a new prison, likely in California, while he works on an appeal to have his charges overturned.

The location of the new prison is not yet known, but it is believed to be in California.

In March, the cryptocurrency tycoon was sentenced to 25 years in prison and ordered to repay $11 billion.

Sam Bankman Fried's FTX exchange, formerly the world's third-largest, collapsed in November 2022 after CoinDesk reported that sister company Alameda Research's financial position was fragile.