Sam Bankman-Fried, founder of FTX, is adapting to a new reality while incarcerated at Metropolitan Prison in Brooklyn, New York. According to sources, he is finding his place and developing a unique economy within the prison community.
After having his bail revoked due to witness tampering charges, Bankman-Fried was taken into custody at the Metropolitan Detention Center (MDC) in Brooklyn, New York. He has remained there since his conviction in November 2023 and is awaiting sentencing on seven federal charges.
According to a Wall Street Journal (WSJ) article by James Fanelli and Corinne Ramey, Bankman-Fried uses canned mackerel to act as an alternative currency in prison, paying for services such as haircuts.
Since cigarettes were banned in federal prisons in 2004, canned mackerel have become the primary medium of exchange among inmates. Their estimated value in the prison cafeteria is about $1, but their actual price is higher because of their scarcity.
Inmates typically purchase no more than 14 canned goods per week and store them in private places such as locked lockers or designated areas in their dormitory.
Canned mackerel not only replaces prison currency, but is gaining popularity outside of prison, with a projected global turnover of $1.5 billion by 2031 and a 4.5% annual increase in mackerel (mackerel) prices.
This type of canned mackerel is prized for its flavor, quality and longevity. It can last up to three to five years if stored properly, and even an open can of mackerel, if stored properly, retains its qualities for about three months.
WSJ also mentions that Bankman-Fried advises prison staff on crypto-trading and shares a dormitory with former Honduran president Juan Orlando Hernandez, who is accused of taking bribes from cocaine traffickers.
The magazine notes that these unusual combinations of qualities put Bankman-Fried on par with prominent figures in international politics and criminal activity. How he got so many canned goods is unknown. But who knows, maybe we'll soon see the appearance of "mackerel-coin" on Uniswap if he and the president of Honduras get out of jail and organize a new crypto exchange and stablecoin fully backed by canned mackerel.