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 present awaiting sentencing on a number of felony counts.
The disgraced crypto-billionaire has reportedly been bartering, utilizing meals as forex in change for numerous providers inside 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 forex of selection 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 legal professional Larry Levin have accepted mackerel as fee from fellow prisoners, utilizing it to amass providers comparable to beard trims and shoe shines.
The demand for mackerel turned so important that suppliers, together with International Supply Advertising and marketing, witnessed elevated gross sales, in keeping with Enterprise Insider.
In a jail setting the place inmates lack entry to conventional or digital forex, merchandise with regular worth, comparable to sure meals objects and stamps, function substitutes for cash.
Mackerel and different steady commodities like tuna turn into 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.
Using 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 embrace 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 outstanding surge in worth in latest weeks. With substantial features 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 big 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 features over the previous 14 and 30 days. Inside the final two weeks, FTT has skyrocketed by a formidable 100%, whereas the 30-day timeframe has seen an astounding surge of 315%.
These features spotlight the rising demand and investor curiosity in FTT as rumors of a doable reboot of the change flow into inside the crypto group.
Featured picture from Bloomberg, chart from TradingView.com