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Just In: Sam Bankman-Fried Resorts to Mackerel Economy in Prison

Sam Bankman-Fried adapts to prison life, using mackerel as currency for haircuts and sharing crypto tips, amid a 115-year sentence threat.
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.

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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.

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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

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Kelvin Munene Murithi

Kelvin Munene is a crypto and finance journalist with over 5 years of experience, offering in-depth market analysis and expert commentary . With a Bachelor's degree in Journalism and Actuarial Science from Mount Kenya University, Kelvin is known for his meticulous research and strong writing skills, particularly in cryptocurrency, blockchain, and financial markets. His work has been featured across top industry publications such as Coingape, Cryptobasic, MetaNews, Cryptotimes, Coinedition, TheCoinrepublic, Cryptotale, and Analytics Insight among others, where he consistently provides timely updates and insightful content. Kelvin’s focus lies in uncovering emerging trends in the crypto space, delivering factual and data-driven analyses that help readers make informed decisions. His expertise extends across market cycles, technological innovations, and regulatory shifts that shape the crypto landscape. Beyond his professional achievements, Kelvin has a passion for chess, traveling, and exploring new adventures.

Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and 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.
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