Just In: Sam Bankman-Fried Resorts to Mackerel Economy in Prison
In stark contrast to his former life as a crypto-billionaire, Sam Bankman-Fried, the ex-CEO of the now-defunct FTX exchange, has resorted to using mackerel as a currency in prison. According to a recent report, Bankman-Fried, currently housed in New York’s Metropolitan Detention Center, paid for his haircut with this unlikely currency, a practice common among inmates since the 2004 cigarette ban.
The Rise of ‘Macks’ in Prison
Mackerel “macks,” as they are colloquially known, have become the go-to currency inside the federal prison system. This shift underscores a system where tangible commodities have overtaken traditional money forms, especially in environments where conventional currencies are inaccessible.
A pouch of mackerel filets, once priced at $1 in 2020, has seen a 30% price increase, now costing $1.30 in the prison commissary, reflecting both inflationary pressures and prison demand. Bill Baroni, a prison consultant and former inmate, shared his experience with the WSJ, noting that he paid four macks for his haircut while incarcerated. Baroni humorously remarked on the stability of the Mack currency system compared to the volatile crypto markets.
Bankman-Fried’s New Reality
As Bankman-Fried navigates his new reality, he has been observed sharing cryptocurrency tips with correctional officers, a stark reminder of his former life as a digital asset trader. His spokesperson, Mark Botnick, commented to the WSJ,
“Sam’s doing the best he can under the circumstances.”
Awaiting Sentencing Amidst Convictions
Bankman-Fried is doing time after being found guilty of many offenses, including money laundering and wire fraud. His participation in one of the most significant financial scams in US history led to his arrest and subsequent conviction on November 2. Moreover, his recent court appearances showcased his new haircut, a subtle yet telling sign of his adaptation to prison life. With a potential 115-year sentence looming, his future remains uncertain.
Read Also: Blast Ethereum L2 Protocol Hits $300M TVL Amid Security Woes
- Bitcoin Still Undervalued, JPMorgan Forecasts Rally to $165,000
- Breaking: CME to Launch 24/7 Crypto Futures Trading Amid Rising Institutional Demand
- Citigroup Predicts Bitcoin Could Climb to $231,000 in 12 Months
- Ethereum and BMNR Rallies as BitMine Drops $1B on ETH, Analyst Hails “Most Bullish Setup Yet”
- ASTER Deposits Flows Into Binance Wallets Following CZ Endorsement, Listing Incoming?
- Solana Price Eyes $360 After Bullish Retest As VisionSys AI Deploys $2B Treasury Strategy
- Cardano Price Forecast As Hashdex Listing Fuels Optimism For $1.27 Breakout
- BONK Price Rally Ahead? Open Interest Jumps as TD Buy Signal Flashes
- Shiba Inu Price to Surge as Whales Buy and Team Commits to Shibarium Growth
- XRP Price Prediction After Ripple CTO David Schwartz Resigns
- SUI Price Eyes $4.5 as Coinbase Futures Listing Sparks Market Optimism
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
