Since the conclusion of the trial regarding his role in the collapse of the cryptocurrency exchange FTX, the former CEO Sam Bankman-Fried (SBF) has been detained at the MDC prison in New York City (USA), awaiting sentencing on March 28, 2023.
The Wall Street Journal reported on Nov. 23 that Bankman-Fried quickly adapted to prison life by using pre-packaged mackerel fish pouches as a means of exchange for various needs during his incarceration, including getting haircuts.
Mackerel packets have risen to be the hottest trading commodity in United States prisons since tobacco products were banned. Postage stamps and soup packs rank second and third in the value hierarchy, respectively.
As a vegan, Bankman-Fried wouldn’t eat mackerel, making them a more easily traded commodity for the recently convicted former billionaire.
Some former inmates, as interviewed by the Wall Street Journal, have asserted that the “mack currency system is more stable than crypto.” Nevertheless, there are instances when the price of mackerel experiences “inflation,” presently standing at $1.3, reflecting a 30% increase from the year 2020.
However, reports indicate that the conditions at MDC prison are deteriorating and understaffed. Inmates are restricted from free movement for activities, spending the majority of their time in cells and receiving meals at their doors. Some experts anticipate an improvement in Sam Bankman-Fried’s living conditions following sentencing and a subsequent transfer to a specialized prison for Economic crime.
According to continuous updates from Coinminutes, after a month-long trial, the former FTX CEO has been found guilty on all seven charges, including fraud, deception, and money laundering. Sam Bankman-Fried now faces a maximum sentence of up to 110 years.
Despite this, Sam Bankman-Fried remains at risk of further legal proceedings for additional charges from the U.S. Department of Justice, encompassing financial contribution regulations, bank fraud, operating an illegal money transfer organization, and bribery of foreign officials.