In stark distinction to his former life as a crypto-billionaire, Sam Bankman-Fried, the ex-CEO of the now-defunct FTX alternate, 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 apply frequent amongst inmates for the reason that 2004 cigarette ban.
The Rise of ‘Macks’ in Prison
Mackerel “macks,” as they’re colloquially recognized, 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 standard currencies are inaccessible.
A pouch of mackerel filets, as soon as priced at $1 in 2020, has seen a 30% worth enhance, now costing $1.30 in the jail commissary, reflecting each inflationary pressures and jail demand. Bill Baroni, a jail guide 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 steadiness of the Mack foreign money system in contrast to the risky 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 crucial important monetary scams in US historical past led to his arrest and subsequent conviction on November 2. Moreover, his current courtroom appearances showcased his new haircut, a delicate but telling signal of his adaptation to jail life. With a possible 115-year sentence looming, his future stays unsure.
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