Sam Bankman-Fried, at the moment going through authorized repercussions within the aftermath of FTX’s troubles, has transitioned his focus from crypto to a singular type of foreign money: mackerel.
Within the grim confines of a jail, the place inmates are disadvantaged of each conventional and digital foreign money, the desperation for substitutes unfolds.
On this bleak panorama, commodities like particular meals objects and stamps emerge because the poignant stand-ins for cash, providing a glimmer of worth in an in any other case barren financial backdrop.
As he awaits sentencing on seven prison prices, the previous crypto luminary has studied the complexities of jail survival whereas incarcerated at Brooklyn’s Metropolitan Detention Middle.
Sam Bankman-Fried Learns To Hustle Behind Bars
This new studying has been facilitated by his dormitory companions, together with a former president of Honduras awaiting trial and a lately convicted high-ranking Mexican legislation enforcement official, as knowledgeable by sources aware of the state of affairs.
Sam Bankman-Fried paid jailhouse inmate for haircut utilizing mackerel as foreign money: report https://t.co/EkfjBWzLA6 pic.twitter.com/OxcarnB2zj
— New York Put up (@nypost) November 23, 2023
The follow of inmates using meals merchandise resembling mackerel, which has change into the popular “foreign money” in federal prisons for the reason that ban on cigarettes in 2004, typically known as “macks” in prisoner slang, underscores the system whereby secure and tangible items have taken the place of conventional cash that’s tough to get.
Based on the Wall Road Journal, whereas awaiting his punishment in Brooklyn’s Metropolitan Detention Middle, Sam Bankman-Fried has exchanged pouches of “macks” for a haircut with one other prisoner.
A packet of mackerel filets apparently prices $1.30 within the commissary of the Brooklyn jail, up 30% from $1 in 2020—proof that even in jail, demand drives up costs.
One fascinating factor about this story is that SBF follows a vegan life-style, which makes mackerel an unlikely meals for him to eat.
Nevertheless, this meals selection made mackerel a neater commodity to commerce for the previous billionaire accidentally. With this new data, he may higher perceive the jail enterprise.
BTCUSD buying and selling at $37,427 on the 24-hour chart: TradingView.com
Bankman-Fried’s spokesman, Mark Botnick, informed The Wall Road Journal: “Sam’s doing one of the best he can below the circumstances.”
Former FTX Chief Govt Sam Bankman-Fried. Credit score: Bloomberg by way of Getty Photos
On Jail Life And Mackerels
A federal decide revoked the FTX founder’s bail in August, discovering possible trigger that he had tried to intimidate witnesses. Bankman-Fried refuted this declare, however since then, he has remained behind bars.
A jury discovered him responsible earlier this month after just some hours of deliberation on allegations that he had embezzled billions of {dollars} from FTX shoppers whereas deceptive lenders and traders. He’ll go to a federal jail to serve out his time period following his scheduled sentencing listening to on March 28.
The fraud allegations in opposition to him are usually not the one ones he’s going through; he may spend as a lot as 110 years in jail. As well as, he’ll face trial on numerous prices of bribery pertaining to politics.
Because the drama unfolds, Sam Bankman-Fried’s journey from crypto kingpin to mackerel dealer encapsulates the stark actuality of survival and adaptation within the unforgiving confines of jail life.
Featured picture from ReinhardThrainer/Pixabay
