Without crypto access, former FTX founder Sam Bankman-Fried is bartering fish for prison services
Former Crypto-Billionaire Sam Bankman-Fried Uses Mackerel as Currency in Prison
In a surprising turn of events, Sam Bankman-Fried, the disgraced founder of the crypto exchange FTX and awaiting sentencing on seven felony counts, has been using mackerel, a type of pelagic fish, as a form of currency in New York’s Metropolitan Detention Center.
Discovering Mackerel as Prison Currency
Bankman-Fried, who has been a professional trader for much of his career, quickly caught on to the mackerel being a popular choice of currency among inmates. The Journal reported that the food item had been a popular currency in prisons since 2004, following the ban on cigarettes.
Bartering with Mackerel
Bankman-Fried’s adaptation to the prison economy has been quite seamless. He recently utilized mackerel to pay for a polished haircut, as reported by a source to the Wall Street Journal. The new hairdo has been noted in New York courtrooms and is believed to be a result of a barter with an inmate at the detention center.
Mackerel as a Commodity
The use of mackerel and other food items as currency in prisons is not a new concept. In fact, the fish, often referred to among inmates as “macks”, has been a choice of currency since 2004. In the absence of access to traditional currency, food items such as mackerel and tuna serve as stable commodities with a value that can be pegged to the dollar.
Other Instances of Mackerel Currency
Formerly incarcerated attorney Larry Levine had accepted mackerel as a form of payment from fellow prisoners he represented while serving his own sentence. He also used the fish to exchange for personal upkeep services such as beard trims and shoeshines from other inmates, as reported by the Journal.
Looking Ahead
Bankman-Fried is scheduled to be sentenced on March 28, 2024, for the fraud charges brought against him, which could lead to up to 110 years in prison. However, these charges are just part of what he is facing, as he is also set to stand trial for separate counts related to political bribery.
The fishing for services in the prison economy adds another layer to the story of a high-flying trader turned convicted felon.
In conclusion, it is clear that the use of mackerel as a currency in prison is not only a reflection of the limitations placed on inmates but also underscores the resilience and adaptability of individuals within these environments. It is a unique economic system that continues to thrive within the confines of correctional institutions.
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