Former FTX CEO SBF Trades Fish For Services
According to a report by 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 on multiple felony counts. The disgraced crypto-billionaire has reportedly been bartering, using food as currency in exchange for various services within the prison.
Mackerel Emerges as Currency in Prisons
Mackerel, known as “macks” among inmates, has become the currency of choice in federal prisons after cigarettes were banned. Formerly incarcerated individuals like attorney Larry Levin have accepted mackerel as payment from fellow prisoners, using it for services like beard trims and shoe shines. The demand for mackerel has increased significantly, leading to higher sales for suppliers.
Fish as a Medium of Exchange
In prison environments where traditional or digital currency is inaccessible, stable commodities like mackerel and tuna serve as substitutes. These items hold value pegged to the dollar and allow inmates to engage in transactions within a barter system. The use of fish as a medium of exchange has been widespread since 2004 when the cigarette ban was implemented.
FTT Surges with Impressive Gains
The native token of FTX cryptocurrency exchange, FTT, has experienced a remarkable surge in value recently. With substantial gains and a market capitalization of 1.5 billion, FTT now ranks among the top 50 tokens in the crypto market. Over the past 24 hours alone, FTT has seen a significant increase of 21% and a rise of 26% over the past week.
Hot Take: SBF’s Unique Prison Economy
SBF, the former CEO of FTX, has adapted to the prison environment by using food as a currency for bartering services. Mackerel has emerged as the preferred currency among inmates, leading to increased sales for suppliers. In a system where traditional currency is unavailable, stable commodities like fish become substitutes. Meanwhile, FTT, the native token of FTX, continues to perform impressively with significant gains and a strong market position.
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