Former Crypto-Billionaire Sam Bankman-Fried Uses Mackerel Fish to Pay for Services
Sam Bankman-Fried, former crypto-billionaire and founder of FTX, finds himself in unfamiliar territory, navigating the economic system within New York’s Metropolitan Detention Center. As he awaits sentencing on seven felony counts, including wire fraud and conspiracy to commit money laundering, Bankman-Fried has reportedly been utilizing an unusual form of currency to procure services.
The Choice of Currency: Mackerel Fish
Bankman-Fried quickly discovered that mackerel fish reigns as the currency of choice among inmates at the detention center. This became evident when he used packaged mackerel to pay for a fresh haircut, showcasing his adaptability to the unconventional economic environment.
The Rise of Mackerel as Currency
Since 2004, mackerel fish has emerged as a popular means of exchange within federal prisons, particularly after cigarettes were prohibited. Referred to as “macks” by inmates, the fish has become a stable commodity with a value that can be pegged to the dollar, making it an ideal substitute for currency.
Bankman-Fried’s Background
As a seasoned trader, Bankman-Fried’s quick grasp of the inmate economic system is unsurprising. With an extensive career in trading, the former billionaire embarked on various ventures, including co-founding Alameda Research, a crypto trading firm. His familiarity with arbitraging Bitcoin between the US and Japanese markets attests to his ability to adapt to different financial environments.
Mackerel’s Popularity in Prison Economy
Formerly incarcerated attorney Larry Levin recounted using mackerel as a form of payment within the correctional institution where he was held. The trend gained traction to the extent that it impacted the supply and demand chain, as reported by the Wall Street Journal in 2008.
Sentencing and Future Trials
Bankman-Fried, facing a potential 110-year sentence for the fraud charges levied against him, is also set to stand trial for separate counts related to political bribery. Given his circumstances, his resourcefulness in navigating the inmate economy indicates his willingness to adapt to his new environment.
Final Thoughts
The use of mackerel as a form of currency within the prison economy reflects the ingenuity of inmates in finding alternative means of exchange. Amidst his legal challenges, Bankman-Fried’s quick acclimation to this unconventional economic system serves as a testament to his adaptability in unfamiliar situations.
Overall, the utilization of mackerel fish as a form of currency within the prison economy serves as a reminder of how individuals can innovate and adapt in unique circumstances. With Bankman-Fried’s legal troubles looming, his ability to navigate and engage in the inmate economic system shows his aptitude for adaptation.
