In response to 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 Heart (MDC), the place he’s at present awaiting sentencing on a number of felony counts.
The disgraced crypto-billionaire has reportedly been bartering, utilizing meals as foreign money in change for varied providers throughout 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 selection in federal prisons after cigarettes had been banned. The fish’s reputation stems from its stability and worth throughout the jail economic system.
Previously incarcerated people like legal professional Larry Levin have accepted mackerel as fee 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, based on Enterprise Insider.
In a jail surroundings the place inmates lack entry to conventional or digital foreign money, merchandise with regular worth, corresponding to sure meals objects and stamps, function substitutes for cash.
Mackerel and different secure commodities like tuna change into a way of change, with their worth pegged to the greenback. This financial logic permits inmates to have interaction in varied transactions whereas sustaining a semblance of a barter system.
The usage of fish as a medium of change in federal prisons has been widespread since 2004, following the cigarette ban.
Sam Bankman-Fried faces sentencing on March 28, 2024, for costs that embody wire fraud and conspiracy to commit cash laundering, with a possible jail time period of as much as 110 years. Moreover, SBF is ready to face trial for separate counts associated to political bribery.
FTT Surges with Spectacular Features
FTT, the native token of the FTX cryptocurrency change, has seen a exceptional surge in worth in current weeks. With substantial good points throughout varied 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 improve of 21%, showcasing the token’s upward momentum. This short-term surge is complemented by a powerful efficiency over the previous week, with a notable rise of 26%.
Nevertheless, the true standout lies in FTT’s good points 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 good points spotlight the rising demand and investor curiosity in FTT as rumors of a doable reboot of the change flow into throughout the crypto neighborhood.
Featured picture from Bloomberg, chart from TradingView.com
