In line 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 at the moment 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 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 alternative in federal prisons after cigarettes have 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 cost from fellow prisoners, utilizing it to accumulate providers comparable to beard trims and shoe shines.
The demand for mackerel turned so important that suppliers, together with International Supply Advertising, witnessed elevated gross sales, in accordance with Enterprise Insider.
In a jail atmosphere the place inmates lack entry to conventional or digital foreign money, merchandise with regular worth, comparable to sure meals objects and stamps, function substitutes for cash.
Mackerel and different steady commodities like tuna change 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 fees 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 Positive factors
FTT, the native token of the FTX cryptocurrency trade, has seen a outstanding surge in worth in latest weeks. With substantial good points throughout numerous timeframes and a formidable market capitalization of 1.5 billion, FTT has cemented its place among the many high 50 tokens within the crypto market.
Over the previous 24 hours, FTT has skilled a major enhance 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 trade flow into throughout the crypto group.
Featured picture from Bloomberg, chart from TradingView.com