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Disgraced FTX Founder SBF Transferred to Notorious Victorville Prison in California

Sam Bankman-Fried, the former CEO of the now-defunct cryptocurrency exchange FTX, has been transferred to a federal prison in Victorville, California, according to updated information from the Federal Bureau of Prisons (BOP). The move marks the latest chapter in Bankman-Fried’s post-sentencing journey, following his 25-year prison term for orchestrating one of the most significant financial frauds in US history. SBF Lands in ‘Victimville’ Prison After being found guilty of misappropriating more than $8 billion in customer assets, he had been held at the Metropolitan Detention Center (MDC) in Brooklyn – an urban holding facility known for housing high-profile detainees – before briefly transitioning through a federal transit center in Oklahoma. Now, Bankman-Fried finds himself at Victorville Medium II, one of two medium-security facilities in the small desert city of Victorville, located northeast of Los Angeles. Prison consultants and former inmates have described the environment at Victorville as notably harsher than his previous accommodations. Observers say that unlike MDC Brooklyn, where inmates often await trial or appeal, Victorville is a long-term facility characterized by entrenched inmate hierarchies and frequent violence. Experts have warned that West Coast federal prisons often carry more rigid social structures and elevated risks, with some facilities dominated by gang affiliations and informal “cars” – inmate groups formed along racial or geographic lines. Victorville has reportedly earned the nickname “Victimville” in online inmate communities, reflecting perceptions of significant danger and required group allegiances. A 2014 report by the D.C. Corrections Information Council cited incidents of gang violence and even fatal assaults at the prison. While the BOP has not confirmed whether Victorville will be Bankman-Fried’s permanent placement, the nature of the facility and his status as a sentenced inmate suggest this may be his long-term location. The sentencing judge had previously recommended a California placement to situate him closer to his parents, who live in the Bay Area. However, Bankman-Fried’s legal team had advocated for him to remain in Brooklyn as they pursued an appeal. SBF’s Surprise Jailhouse Interview Last month, Bankman-Fried gave a surprise prison interview with Tucker Carlson which triggered the resignation of his longtime PR representative Mark Botnick. The unauthorized move reflected SBF’s growing unpredictability as well as a strategic political pivot. Once a major Democratic donor, he has vocally criticized former President Biden and eyeing Donald Trump for a potential pardon. During the interview, he denied criminal intent. The post Disgraced FTX Founder SBF Transferred to Notorious Victorville Prison in California appeared first on CryptoPotato . Seeking Alpha

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Bitcoin Maxi Takes Aim: Ethereum’s True Value? Lower Than You Think

Bitcoin maximalist Samson Mow has doubled up on his value criticism of Ethereum’s price, asserting ETH is still overvalued despite Bitcoin’s price almost quadrupling since 2022. The JAN3 CEO referred to the glaring disparity in performance between the two top cryptocurrencies over a near three-year span. Related Reading: XRP ETF Launch Impresses Even In Bear Market, Says Analyst Price Gap Grows As Bitcoin Rises According to data, Ethereum now sits at $1,558, essentially the same as its August 2022 price of $1,600. Meanwhile, Bitcoin has climbed from $21,500 to $82,302 – an eye-popping 270% rise. The widening gap has only served to bolster Mow’s contention that Ethereum’s price does not correlate with its fundamentals. Mow re-tweeted his August 23, 2022 post this week to emphasize his steadfast stance. His criticism focuses on supply variations between the cryptocurrencies. Bitcoin has less than 21 million overall coins, while Ethereum boasts 122 million circulating tokens. #Ethereum is overvalued. 1 BTC = $21.5k 1 ETH = $1.6k 21M BTC supply (actually less) 122M ETH supply (72M premined) Adjusted for unit bias (ETH price at 21M units) one ETH would be $9.3k. So some people are paying $9.3k per unit of something that’s 60% printed from thin air. — Samson Mow (@Excellion) August 23, 2022 ‘60% Minted Out Of Thin Air’ Claim Targets Ethereum’s Origins Based on Mow’s quotations, about 72 million ETH tokens (approximately 60% of the supply) were premined at the time of Ethereum’s launch. Token creation before the start of public mining has been quite an issue for purists in cryptocurrency for some time. Possibly, the Bitcoin maximalist suggested that if 21 million coins were all there would be in supply for Ethereum like in Bitcoin, then each ETH would be valued today at around $9,300. Mow is again targeting investors in Ethereum, saying they are paying too much for an asset whose supply is exaggerated. Sensitive To Macroeconomic Forces Ethereum recently fell to a multi-year low of $1,380 on the back of global tariff trade war tensions. The cryptocurrency bounced back immediately to $1,680 on April 9 after US President Donald Trump declared a three-month tariff tariff hike pause on various countries, with China being the exception. These movements illustrate how both cryptocurrencies are still sensitive to macroeconomic forces even as they have different value propositions and market performances. Ether down in the last week. Source: Coingecko Related Reading: From Joke To Juggernaut: Dogecoin Value Revolution Gets Nod From Global Asset Giant Long-Standing Campaign Against Ethereum Continues This is not Mow’s first time criticizing Ethereum. He has been vocal against ETH for years. In November 2024, he cautioned investors that the fate of Ethereum could be the same as their favorite tokens. Mow, who forecasts Bitcoin to hit $1 million this year, has told investors to sell everything, including Ethereum, and invest in Bitcoin instead. The debate underscores deep-seated differences in cryptocurrency investment philosophies. While Bitcoin maximalists such as Mow focus on scarcity and Bitcoin’s “digital gold” status, Ethereum supporters highlight the platform’s smart contract abilities and wider applications ecosystem. As the price differential between the two leading cryptocurrencies continues to expand, these debates regarding relative value and suitable pricing models draw greater interest from investors and market analysts in common. Featured image from Reuters, chart from TradingView Seeking Alpha