Sam Bankman-Fried, the founder and former CEO of the defunct crypto exchange FTX, could be released from prison in December 2044, more than four years earlier than his original sentence called for, according to Business Insider.
Convicted in 2023 on seven counts of fraud and conspiracy, Bankman-Fried received a 25-year sentence in March 2024 for orchestrating an $11 billion fraud.
Prosecutors showed that he funneled customer funds from FTX into Alameda Research, his crypto hedge fund, using the money to prop up investments, make political donations, and enrich himself and close associates.
After his sentencing, Bankman-Fried was transferred to a low-security federal prison in San Pedro, California, following a stint at Brooklyn’s Metropolitan Detention Center.
While 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 sentence has been reduced thanks to accumulated “Good Conduct Time,” which allows inmates to earn up to 54 days off per year, and participation in unspecified prison programs, Business Insider said. Time spent behind bars prior to sentencing is also factored in.
Caroline Ellison, former CEO of Alameda and a key witness in the government’s case, was sentenced to two years but is now projected to be released in May 2026 after similar reductions.
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