Sam Bankman-Fried Opens Up About Prison Life, Says His Fortune Has Vanished

Crypto Reporter

Shalini Nagarajan

Crypto Reporter

Shalini Nagarajan

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Shalini is a crypto reporter who provides in-depth reports on daily developments and regulatory shifts in the cryptocurrency sector.

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Last updated: 

March 6, 2025

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Former FTX CEO Sam Bankman-Fried (SBF) opened up about life behind bars in a candid interview with former Fox News host Tucker Carlson, released Thursday.

Speaking from a Brooklyn detention center, the disgraced crypto mogul described prison as “dystopian.” However, he insisted he is not in physical danger. Despite his fall from grace, he indicated he is optimistic about the crypto industry’s future under Donald Trump’s presidency.

Bankman-Fried, once a billionaire at the center of the crypto boom, now claims to have “virtually no money left.” He spends his time reading novels, playing chess with fellow inmates—including former gang members—and working on his appeal.

From Billionaire to Inmate: Bankman-Fried Opens Up About Prison’s Mental and Emotional Toll

He acknowledged the harsh psychological toll of incarceration, calling it “soul-crushing.” However, he noted that some prison staff members have been supportive within the system’s limits.

He revealed that he shares a unit with high-profile detainees, including music mogul Sean “Diddy” Combs — whom he described as “kind” to fellow inmates. However, he admitted that adjusting to life behind bars has been an immense challenge.

“No one wants to be in prison,” he told Carlson.

Bankman-Fried Slams Democrats, Praises Trump’s Crypto Stance from Behind Bars

Bankman-Fried was convicted of fraud and conspiracy in 2023. He received a 25-year sentence for his role in the collapse of FTX, the crypto exchange he founded. Before his downfall, he was a major player in the cryptocurrency industry. He secured high-profile endorsements from celebrities like Tom Brady and Stephen Curry. He was also a significant political donor, contributing up to $119m to various campaigns during the 2022 election cycle.

During the interview, SBF expressed frustration with the Democratic Party, suggesting that despite his financial support, no one stepped in to help him avoid prison. He contrasted this with what he perceives as a more favorable stance on crypto from the Trump administration. Though he didn’t explicitly say whether he hopes for a pardon, he acknowledged that his parents have been advocating for clemency.

Bankman-Fried also took aim at former SEC Chair Gary Gensler, calling his approach to crypto regulation “something out of a nightmare.” He speculated that Gensler’s strict stance was motivated by political ambitions.

SBF Calls Ryan Salame the ‘Saddest Example’ of the Pressure on His Former Associates

Reflecting on the fallout from his conviction, SBF said only a few people from his inner circle stuck by him.

“Anyone who was close to me ended with a gun in their head. You know, being told they had two options, and one of them involved decades in prison” he said, citing former FTX executive Ryan Salame as the “saddest example.”

Despite his uncertain future, Bankman-Fried remains hopeful that the crypto industry will recover, especially if Trump’s administration delivers on its pro-crypto rhetoric. For now, however, he faces a long road ahead, navigating the realities of prison life with nothing but time on his hands.