From Crypto to Catch Disgraced FTX Founder Sam Bankman-Fried Turns to Trading Fish for Prison Services

Exiled from Crypto, Scandal-plagued FTX Founder Sam Bankman-Fried Turns to Fish Trading as Barter in Prison

Sam Bankman-Fried’s Unconventional Currency Choice: Mackerel Fish

Imagine stepping into a world where fish is not only delicious but also serves as a form of currency. Well, that’s the reality for former crypto-billionaire Sam Bankman-Fried, who has found himself immersed in the economic underworld of New York’s Metropolitan Detention Center.

Bankman-Fried, the disgraced founder of crypto exchange FTX, has been busily navigating the prison economy while awaiting sentencing on multiple felony counts. And surprisingly, he’s discovered that mackerel fish reigns supreme among inmates. Yes, you read that right – mackerel fish, the choice currency behind bars.

In a recent peculiar transaction, Bankman-Fried actually used this aquatic currency to pay for a haircut. Who knew that a sleek hairstyle could be obtained by trading a few fishy delights? The Wall Street Journal captured this oddity, revealing the unconventional barter system within the prison walls.

Now, you might wonder how Bankman-Fried, a former trader and math genius, swiftly adapted to this unique economic landscape. Well, it turns out that he’s no stranger to navigating unconventional marketplaces. From his early days as an intern at Jane Street Capital to co-founding his crypto trading firm Alameda Research, Bankman-Fried’s financial acumen has always come into play. And now, even in prison, he continues to exhibit his knack for spotting opportunities.

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The use of mackerel fish as a form of currency among inmates dates back to 2004 when cigarettes were banned in federal prisons. Larry Levin, a formerly incarcerated attorney, embraced this trend during his time at the Lompoc correctional institution in California. Levin would accept mackerel fish as payment from fellow prisoners, which he later used to avail personal grooming services like beard trims and shoe shines. This practice became so prevalent that even fish suppliers had to meet the increased demand.

But why mackerel fish? What makes it such a sought-after commodity? Well, it all comes down to economic logic. In an environment where traditional currency is inaccessible, stable items with consistent value, like certain food items and stamps, become the substitute medium of exchange. Mackerel fish, along with tuna, emerges as a reliable and pegged alternative to the dollar.

While Bankman-Fried awaits the verdict on his fraud charges, which could potentially sentence him to up to 110 years behind bars, it’s crucial to remember that he is also slated to stand trial for separate counts related to political bribery. His journey through the world of prison economics is far from over.

So, next time you enjoy a delicious mackerel dish, remember its hidden power within prison walls. Who knows, it might just make you appreciate the peculiarities of the financial world a little more.

Have you ever encountered any unconventional forms of currency? Share your experiences below!

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