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 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 forex in change for numerous companies inside the jail.
Former FTX CEO SBF Trades Fish For Companies
Per the report, mackerel, a fish generally known as “macks” amongst inmates, emerged because the forex of alternative in federal prisons after cigarettes have been banned. The fish’s recognition 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 companies equivalent to beard trims and shoe shines.
The demand for mackerel grew to become so important that suppliers, together with World Supply Advertising, witnessed elevated gross sales, based on Enterprise Insider.
In a jail atmosphere the place inmates lack entry to conventional or digital forex, merchandise with regular worth, equivalent to sure meals gadgets and stamps, function substitutes for cash.
Mackerel and different secure commodities like tuna grow to be a way of change, 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 change 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 about 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 outstanding surge in worth in latest weeks. With substantial good points throughout numerous timeframes and a powerful 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%.
Nonetheless, 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 powerful 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 potential reboot of the change flow into inside the crypto neighborhood.
Featured picture from Bloomberg, chart from TradingView.com
