According to a report by Business Insider, Sam Bankman-Fried (SBF), co-founder and former CEO of FTX, has adapted to the economic system of the Metropolitan Detention Center (MDC) in New York, where he is currently awaiting sentencing for multiple crimes.
The disgraced crypto billionaire has reportedly bartered, using food as currency in exchange for various services within the prison.
Former CEO of FTX SBF trades fish for services
According to the report, mackerel, a fish commonly called “macks” among inmates, emerged as the currency of your choice in federal prisons after cigarettes were banned. The fish’s popularity stems from its stability and value within the prison economy.
Formerly incarcerated individuals such as attorney Larry Levin have accepted mackerel as payment from fellow prisoners, and uses it to acquire services such as beard trimming and shoe shining.
Demand for mackerel became so high that suppliers, including Global Source Marketing, witnessed increased sales, according to Business Insider.
In a prison environment where inmates do not have access to traditional or digital currencyProducts with a fixed value, such as certain foodstuffs and stamps, serve as a substitute for money.
Mackerel and other stable commodities such as tuna become a medium of exchange, the value of which is linked to the dollar. This economic logic allows prisoners to engage in various transactions while maintaining the appearance of a barter system.
The use of fish as a bargaining chip in federal prisons has been widespread since 2004, following the cigarette ban.
Sam Bankman-Fried will be sentenced on March 28, 2024 for bank fraud and conspiracy to commit money laundering, among other charges, with a possible prison sentence of up to 110 years. In addition, SBF will face separate charges related to political bribery.
FTT is rising with impressive gains
FTT, the native token of the FTX cryptocurrency exchange, has seen a notable increase in value in recent weeks. With substantial gains over various time frames and an impressive market cap of 1.5 billion, FTT has solidified its position among the top 50 tokens in the crypto market.
Over the past 24 hours, the FTT has experienced a significant increase of 21%, demonstrating the token’s upward momentum. This short-term increase is complemented by strong performance over the past week, with a notable increase of 26%.
The real highlight, however, lies in the FTT’s gains over the past fourteen and thirty days. In the past two weeks, the FTT has skyrocketed by a whopping 100%, while the 30-day period has seen an astonishing 315% increase.
These gains highlight the growing demand and interest from investors in FTT, as there are rumors of one possible restart of the power plant circulate within the crypto community.
Featured image from Bloomberg, chart from TradingView.com