Sam Bankman-Fried, currently facing legal repercussions from FTX’s troubles, has shifted his focus from cryptocurrencies to a single form of currency: mackerel. While awaiting sentencing on seven criminal charges, the former crypto luminary has studied the complexities of prison survival while incarcerated at the Brooklyn Metropolitan Detention Center.
According to a report from Business Insider, Sam Bankman-Fried (SBF), co-founder and former CEO of FTX, has adapted to the economic system of New York’s Metropolitan Detention Center (MDC), where he is currently awaiting sentencing for multiple felonies. account. The disgraced crypto billionaire has reportedly been bartering, using food as currency in exchange for various services within the prison.
Former FTX CEO SBF Trades Fish for Services
According to the report, mackerel, a fish commonly known as “macks” among inmates, emerged as the currency of choice in federal prisons after cigarettes were banned. The popularity of the fish is due to its stability and value within the prison economy. Formerly incarcerated people, such as attorney Larry Levin, have accepted mackerel as payment from their fellow prisoners, using it to purchase services such as beard trimming and shoe shining.
Demand for mackerel became so significant that suppliers, including Global Source Marketing, saw an increase in sales, according to Business Insider. In a prison environment where inmates lack access to traditional or digital currency, products with stable value, such as certain foods and coupons, serve as substitutes for money. Mackerel and other stable products such as tuna become means of exchange, with their value pegged to the dollar.
This economic logic allows inmates to carry out various transactions while maintaining a semblance of a barter system. The use of fish as a medium of exchange in federal prisons has become widespread since 2004, following the ban on cigarettes.
Sam Bankman-Fried faces sentencing on March 28, 2024, on charges including wire fraud and conspiracy to commit money laundering, with a possible prison sentence of up to 110 years. Additionally, SBF will be tried on separate charges related to political bribery.
Sam Bankman-Fried Learns to Work Behind Bars
This new learning has been facilitated by his dorm mates, including a former Honduran president awaiting trial and a recently convicted senior Mexican police official, according to sources familiar with the situation.
According to the Wall Street Journal, while awaiting punishment at the Brooklyn Metropolitan Detention Center, Sam Bankman-Fried traded bags of “macks” for a haircut with another prisoner. SBF follows a vegan lifestyle, which makes mackerel an unlikely food for him.
FTT Increases with Impressive Gains
FTT, the native token of the FTX cryptocurrency exchange, has seen a notable rise in value in recent weeks. With substantial gains over several time periods and an impressive market capitalization of 1.5 billion, FTT has cemented its position among the top 50 tokens in the crypto market. In the last 24 hours, FTT has seen a significant rise of 21%, showing the bullish momentum of the token. This short-term increase is complemented by a strong performance over the past week, with a notable 26% increase.
However, the real highlight lies in FTT’s gains over the past 14 and 30 days. In the last two weeks, the ITF has skyrocketed by an impressive 100%, while the 30-day period has seen a staggering 315% increase. These gains highlight growing investor demand and interest in FTT as rumors of a possible restart of the exchange circulate within the crypto community.
By Audy Castaneda
