Sam Bankman-Fried, founder of the collapsed cryptocurrency exchange FTX, was transferred on April 18, 2025, to the Federal Correctional Institution (FCI) Terminal Island in Los Angeles. This low-security prison, known for housing notorious figures like cult leader Charles Manson, crime boss Al Capone, and former Theranos executive Ramesh “Sunny” Balwani, is now the latest chapter in Bankman-Fried’s legal saga.
Bankman-Fried Moved from Victorville to Terminal Island
Before landing at Terminal Island, Bankman-Fried was held at FCI Victorville, a medium-security facility in San Bernardino County known for its tough conditions and political atmosphere. Just a month earlier, he spent a brief time at the Federal Transfer Facility in Oklahoma City as part of his relocation process.
How Bankman-Fried Stirred the Pot
The move to Terminal Island comes just after Bankman-Fried made headlines for giving an unauthorized jailhouse interview with media personality Tucker Carlson. The interview drew public attention back to his high-profile case, which centers around his involvement in the dramatic collapse of FTX.
Fried’s Plan to Rebuild Image
Bankman-Fried was convicted in November 2023 on multiple fraud charges related to the failure of FTX. At his sentencing in March 2024, Judge Lewis A. Kaplan pointed out that Bankman-Fried knew his actions were criminal but took the risk anyway, believing he wouldn’t get caught. He was sentenced to 25 years in prison and fined $11 billion for his role in what became one of the largest frauds in cryptocurrency history.
After the collapse of FTX, Bankman-Fried reportedly created a Google Doc with ideas on how to repair his public image. One of the plans included appearing on Tucker Carlson’s show and positioning himself as a Republican opposing the “woke agenda.”
Presidential Pardon Soon?
Legal experts now suggest that Bankman-Fried’s newfound right-wing messaging could be a calculated attempt to secure a pardon from President Trump. Since Trump’s inauguration, reports indicate that Bankman-Fried may have been reaching out to conservative figures in hopes of a presidential pardon. This follows Trump’s decision to grant clemency to Ross Ulbricht, the Silk Road founder, who will be speaking at the Bitcoin 2025 conference.
While Bankman-Fried remains the face of the FTX scandal, other former executives have faced their own legal battles. FTX co-founder Gary Wang and former engineering director Nishad Singh were the only individuals from the original indictment to avoid prison time. They received credit for the time they had already spent in custody, thanks to their cooperation with the investigation.
The story of FTX may have taken a new turn with Bankman-Fried’s legal battles, but it’s far from over. This saga has many more twists to unfold.
