Convicted Ex-FTX CEO Turns Fish Packets into Prison Currency; Awaits Sentencing Next Year
Summary:
Former FTX CEO Sam Bankman-Fried, recently convicted, is using mackerel packets, a common currency in jail, for trading. He reportedly traded four such packets for a haircut before his trial last month. Amid skepticism, former incarcerated individual Martin Shkreli confirmed the prominence of such trading in U.S. prisons. The vegan ex-billionaire, currently sharing a prison cell with high-profile inmates, finds mackerel packets a convenient trade item. His sentencing hearing is set for March 28 next year.
Sam Bankman-Fried, the previous CEO of FTX, who was recently convicted and is serving his sentence, is utilizing his trading skills in the prison environment, trading fish packets for essentials, as per The Wall Street Journal's report of November 23. Bankman-Fried traded four packets of a popular in-jail currency, Mackerel, also termed “macks,” for a haircut prior to his criminal trial last month.
The prominence of mackerel packets as the most valuable commodity for trading in American prisons has surged following the ban on tobacco products. Close followers are postage stamps and soup packets, colloquially known as “soups”, positioned second and third on the prison currency spectrum. At the Metropolitan Detention Center (MDC), where Bankman-Fried is currently imprisoned, each mackerel packet costs $1.30.
Bankman-Fried shares his cell in the Brooklyn prison with the former president of Honduras, Juan Hernández, and a former high-ranked Mexican police officer, according to insiders.
Credibility of the reports came under question on social channels. Martin Shkreli, the infamous “pharma bro” tech figure — who himself has experience of a four-year federal prison stint — validated mackerel packets as a standard currency within U.S. prisons. On X (previously Twitter) on Nov. 24, Shkreli commented on Bankman-Fried’s trade, labeling four macks for a haircut as a “rip off”, but highlighted it as less costly compared to trading a book of stamps.
He additionally commented that in the MDC, mackerel packets have a larger market compared to stamps unlike most state federal prisons; but cautioned against amassing more than 500 mackerel packets, as it could draw undue attention.
On the account of being vegan, Bankman-Fried doesn’t consume mackerel, making it an effortless trade currency for him. His appeal for release from prison while awaiting sentencing was rejected by the court of appeals on November 21. His sentencing hearing is due on March 28 of the coming year.
On November 2, Bankman-Fried was convicted on seven counts linked to fraud and money laundering.
Published At
11/24/2023 12:45:56 AM
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