Sam Bankman-Fried’s Life Behind Bars: Trading Fish for Haircuts
Sam Bankman-Fried, the disgraced founder of crypto exchange FTX and trading firm Alameda Research, has adapted to prison life at New York’s Metropolitan Detention Center. According to the Wall Street Journal, he has been using fish as a form of currency, paying for a haircut with them. Bankman-Fried has learned from fellow inmates about the use of mackerel as a substitute for traditional money in federal prisons.
Mackerel as Currency in Prisons
The trend of using food items like mackerel, known as “macks,” as currency in prisons reflects a system where stable commodities have replaced traditional money. However, mackerel prices are not immune to inflationary pressures and prison demand. The cost of a pouch of mackerel filets has reportedly increased by 30% since 2020.
According to prison consultant Bill Baroni, who also spent time in jail, he paid four macks for his own haircut while inside and stated that the mack currency system is more stable than crypto.
Crypto Tips and Haircuts
Although Bankman-Fried is no longer involved in digital asset trading, he has been seen giving crypto tips to prison guards. The Federal Bureau of Prisons declined to comment on individual conditions for privacy and security reasons. Bankman-Fried’s spokesperson mentioned that he is doing his best under the circumstances.
SBF Guilty on All Counts and Denied Release
Bankman-Fried awaits sentencing on charges including wire fraud and money laundering. He was convicted on all seven criminal counts related to defrauding customers, lenders, and investors of FTX. He faces up to 115 years in prison, and his sentencing is scheduled for March 28. The U.S. Court of Appeals for the Second Circuit recently denied Bankman-Fried’s attempt for release, meaning he will remain in jail while his lawyers appeal his case.
Hot Take: The Adaptation of a Crypto Billionaire in Prison
Sam Bankman-Fried’s transition from a crypto billionaire to a mackerel trader behind bars highlights the resilience and resourcefulness of individuals facing new economic realities. It also sheds light on the use of tangible commodities as alternative currencies within prison systems. Bankman-Fried’s ability to provide crypto tips to prison guards showcases the enduring influence of the crypto world, even in unexpected places. As he awaits sentencing and continues to navigate life in prison, Bankman-Fried serves as a reminder that circumstances can change dramatically, regardless of one’s previous wealth or success in the crypto industry.
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