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. In accordance with a latest report, Bankman-Fried, at present housed in New York’s Metropolitan Detention Middle, paid for his haircut with this unlikely foreign money, a apply widespread amongst inmates for the reason that 2004 cigarette ban.
The Rise of ‘Macks’ in Jail
Mackerel “macks,” as they’re colloquially identified, have turn 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 varieties, 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% worth improve, now costing $1.30 within the jail commissary, reflecting each inflationary pressures and jail demand. Invoice Baroni, a jail marketing consultant 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 comparison with the unstable crypto markets.
Bankman-Fried’s New Actuality
As Bankman-Fried navigates his new reality, he has been noticed sharing cryptocurrency suggestions 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 perfect he can below 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 some of the important monetary scams in US historical past led to his arrest and subsequent conviction on November 2. Furthermore, his latest court docket 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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