FTX Founder Sam Bankman-Fried Trades Crypto for Fish in Prison
According to a Wall Street Journal report, FTX founder Sam Bankman-Fried has adapted to life in prison by trading fish instead of cryptocurrency. The report quotes prison consultant Bill Baroni, who says Bankman-Fried paid four mackerel (known as “macks” in prison) for a recent haircut at the Brooklyn Metropolitan Detention Center. Baroni claims that the mack currency system is more stable than crypto, although inflation has caused the price of mackerel filets to rise by 30% since 2020. Mackerel became the preferred medium of exchange in federal prisons after cigarettes were banned in 2004.
Sam Bankman-Fried Faces Up To 115 Years In Prison
Bankman-Fried is currently awaiting sentencing on charges related to wire fraud and money laundering, with a potential sentence of up to 115 years in jail. The collapse of FTX led to what prosecutors called “one of the biggest financial frauds in U.S. history.” Bankman-Fried’s spokesperson, Mark Botnick, stated that he is doing his best under the circumstances. This new reality is a far cry from Bankman-Fried’s previous luxurious lifestyle, which included a $30 million penthouse in the Bahamas and billionaire status. Bankman-Fried has argued that he made honest mistakes and that the government portrayed him unfairly.
Hot Take: A New Currency Behind Bars
It seems that even behind bars, people find a way to adapt and create their own systems of trade. For Sam Bankman-Fried, trading fish has become the norm instead of dealing with cryptocurrencies. This highlights the ingenuity and resourcefulness of individuals, even in challenging circumstances. While the use of mackerel as a currency may seem unconventional, it has proven to be more stable than crypto in the prison economy. It serves as a reminder that humans have an innate ability to find solutions and make the best of their situations, no matter where they find themselves.
By
By
By
By