Looks like Sam Bankman-Fried’s (SBF) crypto days are over following reports of the former CEO of the collapsed FTX crypto exchange trading mackerel for services in prison. Clearly, the crypto-billionaire has decided to become resourceful and take advantage of the prison currency in order to afford certain services like his recent fresh haircut prior to his court trial.
SBF is currently being held at the New York Metropolitan Detention Center. Since the ban on tobacco and cigarettes in 2004, trading mackerel fish has been the adopted norm, and it’s confirmed that the FTX ex-CEO has also taken up the trend and now trades “macks” (the local prison term for the fish).
SBF trades macks to survive prison
According to a Wall Street Journal, SBF exchanged services using macks, initially referring to mackerel fish. The report on November 23 explained how the prominent crypto guru traded 4 macks for a haircut service in jail before his trial hearing.
As Bankman-Fried awaits his sentencing on accounts of wire fraud and intent to commit money laundering activities, his actions to appeal himself in court have been formal. His new haircut is all thanks to a fellow inmate, based on the Wall Street Journal on Thursday.
The information, now available to crypto community members, came from a WSJ prison consultant named Bill Baroni, who is also a former inmate. Baronj even criticized the volatile crypto market, saying Mack currency is more stable.
Mackerel is a pelagic fish that has been the employed currency in federal prison systems in the United States since the ban on tobacco. This development has proved the strength of tangible assets compared to traditional fiat forms, especially for controlled environments lacking access to conventional currencies.
Mackerel has grown in value from its initial price of $1 in 2020 and now has a 30% in price in the prison systems. In the prison commissary, its value is now tagged at $1.30 for each mackerel packet, and this is attributed to prison demand that has influenced the inflationary pressure.
Macks have been the prominent currency in jail, followed by postage stamps, then soup packets. According to the Journal, a story in 2008 explained how the demand for mackerel rose and its popularity increased in the Global Source Marketing fish supplier.
On November 21, Sam appeared in court to present an appeal to request a release from prison while awaiting his hearing at the end of March 2024, which was denied. SBF is currently awaiting his sentencing on March 28 next year and faces up to 115 years in prison. He also faces charges related to counts of political bribery.
Mack considered a staple prison currency in the US
However, social media wasn’t quiet about these new developments, and Martin Shkreli, a controversial tech expert who’s also a former inmate, confirmed that Mack is a US prison staple currency. He noted that SBF paying 4 macks for a haircut is a “rip off.”
Sam Bankman-Fried hasn’t been the only one noted to pay for services in Mack while incarcerated, an example being Larry Levin. The former attorney also accepted it as a form of payment from the clients he represented in prison as he served his own sentence in California at the Lompoc correctional facility.
He paid for personal upkeep services using this mack currency, including shoe shines and beard trims from fellow inmates.
Seems like the crypto-billionaire is having an epiphany about his new reality but has also been noted to share a few tips on cryptocurrencies with correctional officers. Despite his attachment to his former life as a digital asset trader, this comes in as a reminder of his strong involvement in trading cryptocurrencies.
According to Mark Botnìck, his spokesman, his comments to the WSJ quoted him saying, “Sam’s doing the best he can under the circumstances.”
Regardless of his new developments, Sam Bankman-Fried hasn’t been a rookie in financial involvement and decision-making. His first job was as an intern at Jane Street Capital in 2013, which swapped exchange-traded funds and later founded Alameda in 2017.
