New Currency in Prison for Sam Bankman-Fried

Sam Bankman-Fried, the former CEO of the defunct crypto exchange FTX, has adapted to prison life by using mackerel fish as currency, a practice common in federal prisons since the 2004 cigarette ban. This adjustment marks a stark contrast from his former life as a crypto-billionaire.

The Economic Shift in Prison

In New York’s Metropolitan Detention Center, Bankman-Fried has reportedly traded mackerel, or “macks,” for services like haircuts. Learning from fellow inmates, including a former Honduran president and a top Mexican police officer, he has shifted from trading high-value digital assets to dealing in this unique prison currency.

Inflation Affects Even Prison Currencies

Despite being in prison, Bankman-Fried is not immune to inflationary pressures. The cost of a pouch of mackerel filets in the Brooklyn jail’s commissary has risen to $1.30, a 30% increase from 2020.

The Stability of the Mackerel Economy

Prison consultant Bill Baroni, who has also spent time in jail, commented on the stability of the mackerel currency system, noting its reliability compared to the volatile crypto market.

While his days of digital asset trading are behind him, Bankman-Fried has been spotted giving cryptocurrency tips to prison guards, indicating his enduring interest in the field.

Legal Proceedings Against Bankman-Fried

Bankman-Fried awaits sentencing on charges including wire fraud and money laundering, scheduled for March 28. His recent court appearances revealed a well-groomed appearance, likely maintained through these mackerel transactions.

The Mackerel Economy in U.S. Prisons

Mackerel has become a primary trading commodity in U.S. prisons, surpassing traditional forms like tobacco, postage stamps, and soup packets. Bankman-Fried’s vegan lifestyle adds a unique twist, as he uses mackerel solely as a trade item.

Bankman-Fried’s Appeal for Release Denied

Despite attempts to appeal his case, Bankman-Fried’s motion for release was recently denied, ensuring his continued stay in prison until at least his sentencing.