The founder of failed cryptocurrency exchange FTX, Sam Bankman-Fried, is being transferred to a new prison, Bankman-Fried's spokesman confirmed. The destination remains unknown. 🏛️🔁

Sources suggest Bankman-Fried, who has been incarcerated in Brooklyn, New York, for the past nine months, will likely be transferred to the federal correctional facility in Mendota, California. This will bring Bankman-Fried closer to his parents' home near Stanford University.

Despite prosecutors' recommendations for a transfer to a lower-security facility in California, Bankman-Fried previously expressed a preference to remain in the Brooklyn prison for easier access to his legal team working on his appeal.

Last year, Bankman-Fried was found guilty of fraud charges that led to the collapse of FTX and billions of dollars in losses to FTX customers. After his conviction, Bankman-Fried was jailed in Brooklyn, but his bail was later revoked due to charges of attempted witness tampering.