In keeping with a report by Enterprise Insider, Sam Bankman-Fried (SBF), co-founder and former CEO of FTX, has tailored to the financial system of New York’s Metropolitan Detention Middle (MDC), the place he’s presently awaiting sentencing on a number of felony counts.
The disgraced crypto-billionaire has reportedly been bartering, utilizing meals as foreign money in trade for numerous providers inside the jail.
Former FTX CEO SBF Trades Fish For Providers
Per the report, mackerel, a fish generally known as “macks” amongst inmates, emerged because the foreign money of alternative in federal prisons after cigarettes have been banned. The fish’s reputation stems from its stability and worth inside the jail financial system.
Previously incarcerated people like lawyer Larry Levin have accepted mackerel as cost from fellow prisoners, utilizing it to amass providers corresponding to beard trims and shoe shines.
The demand for mackerel turned so vital that suppliers, together with International Supply Advertising, witnessed elevated gross sales, in accordance with Enterprise Insider.
In a jail setting the place inmates lack entry to conventional or digital foreign money, merchandise with regular worth, corresponding to sure meals gadgets and stamps, function substitutes for cash.
Mackerel and different secure commodities like tuna develop into a method of trade, with their worth pegged to the greenback. This financial logic permits inmates to have interaction in numerous transactions whereas sustaining a semblance of a barter system.
The usage of fish as a medium of trade in federal prisons has been widespread since 2004, following the cigarette ban.
Sam Bankman-Fried faces sentencing on March 28, 2024, for prices that embrace wire fraud and conspiracy to commit cash laundering, with a possible jail time period of as much as 110 years. Moreover, SBF is about to face trial for separate counts associated to political bribery.
FTT Surges with Spectacular Features
FTT, the native token of the FTX cryptocurrency trade, has seen a outstanding surge in worth in current weeks. With substantial positive aspects throughout numerous timeframes and a formidable market capitalization of 1.5 billion, FTT has cemented its place among the many prime 50 tokens within the crypto market.
Over the previous 24 hours, FTT has skilled a big enhance of 21%, showcasing the token’s upward momentum. This short-term surge is complemented by a robust efficiency over the previous week, with a notable rise of 26%.
Nevertheless, the true standout lies in FTT’s positive aspects over the previous 14 and 30 days. Throughout the final two weeks, FTT has skyrocketed by a formidable 100%, whereas the 30-day timeframe has seen an astounding surge of 315%.
These positive aspects spotlight the rising demand and investor curiosity in FTT as rumors of a attainable reboot of the trade flow into inside the crypto group.
Featured picture from Bloomberg, chart from TradingView.com
