Title: Former Crypto-Billionaire Sam Bankman-Fried Uses Mackerel Fish as Currency in Prison
Former Crypto-Billionaire Sam Bankman-Fried Uses Mackerel Fish as Currency in Prison
Sam Bankman-Fried, the disgraced founder of the crypto exchange FTX, has been making headlines for his use of mackerel as a currency of choice among inmates. The Wall Street Journal reports that Bankman-Fried has learned to navigate the economic system of New York’s Metropolitan Detention Center, where he has been awaiting sentencing on seven felony counts.
Paying for Services with Mackerel
Bankman-Fried’s use of mackerel as a form of payment was first brought to light when he used it to pay for a haircut. The new polished haircut he has been seen with in New York courtrooms appears to be thanks to an inmate. According to the Wall Street Journal, a source revealed that Bankman-Fried paid for the haircut with packaged mackerel, a type of pelagic fish that is commonly used as a choice of currency among inmates.
Understanding the Commodity of Choice
It’s no surprise that Bankman-Fried quickly caught on to the commodity of choice in his new environment. As a professional trader for much of his career, he has a keen understanding of the value of commodities. Mackerel, popularly referred to as “macks” among inmates, had been the choice of currency in federal prisons since 2004 after cigarettes were banned.
The Economic Logic Behind the Trend
There’s economic logic behind the trend of using food items such as mackerel as currency. In prison, products that have steady value, such as certain food items and stamps, are used as a means of exchange to substitute for currency that inmates cannot access. Food items such as mackerel and tuna are stable commodities with a value that can be pegged to the dollar, making them an ideal choice for trade in a prison environment.
Bankman-Fried’s Legal Troubles
Bankman-Fried is set to be sentenced on March 28, 2024, and faces up to 110 years in prison for the fraud charges brought against him. However, these charges are only part of the legal troubles he is facing, as he is also set to stand trial for separate counts related to political bribery.
Conclusion
Bankman-Fried’s use of mackerel as a form of currency in prison has shed light on the unique economic system that exists within correctional facilities. His ability to adapt to this system highlights his understanding of commodities and their value, even in an unconventional trading environment.
The original article can be found on Business Insider.
I’m a cryptocurrency and blockchain technology journalist. My work has been featured in major publications such as CoinDesk, Bitcoin Magazine, and VentureBeat. I’ve been a respected voice in the cryptocurrency community and my insights into the industry have helped shape its development.
