Former FTX CEO SBF Trades Food Items For Prison Services: Report
SBF has reportedly been bartering food items for services within the facility.
Because Bitcoin
November 23, 2023
It took little time for former crypto-billionaire Sam Bankman-Fried to adapt to the economic dynamics of New York's Metropolitan Detention Center, as per a recent Business Insider report.
SBF has reportedly been bartering food items for services within the facility. Recent reports reveal that SBF's freshly styled haircut, observed in New York courtrooms, was acquired through an exchange with an inmate. The Wall Street Journal disclosed that Bankman-Fried paid for the haircut using packaged mackerel, a preferred form of currency among detainees.
Given Bankman-Fried's background as a professional trader, it's unsurprising that he swiftly grasped the commodity of choice within his new environment. The use of packaged mackerel, commonly known as "macks" among inmates, as a form of currency in federal prisons has been prevalent since 2004, following the ban on cigarettes.
This trend has economic rationale. Products with a consistent value, like specific food items and stamps, serve as stable means of exchange in lieu of conventional currency, which inmates lack access to. Items such as mackerel and tuna are considered stable commodities with values pegged to the dollar.
Bankman-Fried, set for sentencing on March 28, 2024, faces potential imprisonment of up to 110 years for the fraud charges against him. However, this is just one aspect of the legal challenges he confronts, as he is also slated to stand trial on separate counts related to political bribery.
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