NewsletterJust 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.
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