Blog

In stark distinction to his former life as a crypto-billionaire, Sam Bankman-Fried, the ex-CEO of the now-defunct FTX trade, has resorted to utilizing mackerel as a foreign money in jail. According to a current report, Bankman-Fried, at present housed in New York’s Metropolitan Detention Center, paid for his haircut with this unlikely foreign money, a follow widespread amongst inmates because the 2004 cigarette ban.

The Rise of ‘Macks’ in Prison

Mackerel “macks,” as they’re colloquially identified, have develop into the go-to foreign money contained in the federal jail system. This shift underscores a system the place tangible commodities have overtaken conventional cash kinds, particularly in environments the place typical currencies are inaccessible.

A pouch of mackerel filets, as soon as priced at $1 in 2020, has seen a 30% value enhance, now costing $1.30 in the jail commissary, reflecting each inflationary pressures and jail demand. Bill Baroni, a jail advisor and former inmate, shared his expertise with the WSJ, noting that he paid 4 macks for his haircut whereas incarcerated. Baroni humorously remarked on the soundness of the Mack foreign money system in contrast to the unstable crypto markets.

Bankman-Fried’s New Reality

As Bankman-Fried navigates his new reality, he has been noticed sharing cryptocurrency ideas with correctional officers, a stark reminder of his former life as a digital asset dealer. 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 discovered responsible of many offenses, together with cash laundering and wire fraud. His participation in one of the important monetary scams in US historical past led to his arrest and subsequent conviction on November 2. Moreover, his current court docket appearances showcased his new haircut, a refined but telling signal of his adaptation to jail life. With a possible 115-year sentence looming, his future stays unsure.

Read Also: Blast Ethereum L2 Protocol Hits $300M TVL Amid Security Woes

✓ Share:

Kelvin is a distinguished author specializing in crypto and finance, backed by a Bachelor’s in Actuarial Science. Recognized for incisive evaluation and insightful content material, he has an adept command of English and excels at thorough analysis and well timed supply.

The offered content material could embody the non-public opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any accountability to your private monetary loss.