Reports emerge that Sam Bankman-Fried, former CEO of the collapsed FTX crypto exchange, is navigating the world of prison currency.
Currently held at the New York Metropolitan Detention Center, Bankman-Fried is said to be trading mackerel fish, known as “macks” within the prison community.
Recent revelations include Bankman-Fried exchanging 4 macks for a haircut service, highlighting the adaptability of the crypto-billionaire in his new reality.
The prison consultant, Bill Baroni, revealed these developments to the crypto community.
Prison consultant Bill Baroni said:
“The mack currency system is far more stable than crypto,”
Bankman-Fried’s actions, including a fresh haircut ahead of his court trial, are seen as resourceful amid his incarceration.
The mackerel currency has gained value since its introduction in 2020, now priced at $1.30 per packet in the prison commissary.
This tangible asset’s popularity showcases its strength in controlled environments with limited access to conventional currencies.
SBF Legal Challenges
Bankman-Fried’s court appeals and pending sentencing for wire fraud and money laundering charges coincide with his unconventional use of mackerel as a prison currency.
Social media reactions, including comments from tech expert who’s also a former inmate Martin Shkreli, confirm mackerel’s status as a staple in US prisons.
While facing up to 115 years in prison, Bankman-Fried, known for his involvement in cryptocurrency trading, seems to be adapting to his new reality by sharing crypto insights with correctional officers.
Despite the unconventional turn of events, Bankman-Fried’s spokesman, Mark Botnìck, noted:
“Sam’s doing the best he can under the circumstances.”
This adaptation is a testament to Bankman-Fried’s financial acumen, from his early days as an intern at Jane Street Capital to the founding of Alameda in 2017.