Fishy Finances: Sam Bankman-Fried Turns to Mackerel Trading Behind Bars

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Sam Bankman-Fried, once a prominent figure in the cryptocurrency world, is now facing a starkly different reality at New York’s Metropolitan Detention Center. Following his conviction on multiple charges, including wire fraud and money laundering, the former crypto mogul has been adjusting to life behind bars.

A recent revelation disclosed that Bankman-Fried, the ex-CEO of the defunct FTX, paid for a haircut using an unconventional prison currency: mackerel fish, commonly called ‘macks’ by inmates. This currency has gained prominence in federal prisons since the 2004 cigarette ban.

Bill Baroni, a former inmate and current consultant, shared his experiences with the Wall Street Journal, noting the use of macks in prison economies. He humorously compared the stability of this system to the volatile nature of cryptocurrency markets.

Inside the detention center, Bankman-Fried’s life has taken a notable turn. He recently altered his hairstyle for court appearances, a signature aspect of his public image. This change points to his efforts to adapt to his new circumstances. According to his ex-girlfriend, Caroline Ellison, Bankman-Fried’s wild curls were a deliberate part of his persona.

Despite the drastic shift in his environment, Bankman-Fried has been seen offering cryptocurrency advice to prison guards, a reminder of his past as a digital asset dealer. His spokesperson, Mark Botnick, commented to the Wall Street Journal, “Sam is doing the best he can given the situation.”

Bankman-Fried’s transition from a crypto-billionaire to a prison inmate using mackerel as currency marks a significant chapter in the ongoing saga of the cryptocurrency industry’s ups and downs.