Based on 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 the moment awaiting sentencing on a number of felony counts.
The disgraced crypto-billionaire has reportedly been bartering, utilizing meals as foreign money in change for numerous providers throughout 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 foreign money of alternative in federal prisons after cigarettes have been banned. The fish’s recognition stems from its stability and worth throughout the jail financial system.
Previously incarcerated people like legal professional Larry Levin have accepted mackerel as fee from fellow prisoners, utilizing it to accumulate providers similar to beard trims and shoe shines.
The demand for mackerel grew to become so vital that suppliers, together with International Supply Advertising, witnessed elevated gross sales, in accordance with Enterprise Insider.
In a jail setting the place inmates lack entry to conventional or digital foreign money, merchandise with regular worth, similar to sure meals gadgets and stamps, function substitutes for cash.
Mackerel and different steady 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.
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 about to face trial for separate counts associated to political bribery.
FTT Surges with Spectacular Good points
FTT, the native token of the FTX cryptocurrency change, has seen a exceptional surge in worth in current weeks. With substantial beneficial properties throughout numerous 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 enhance of 21%, showcasing the token’s upward momentum. This short-term surge is complemented by a robust efficiency over the previous week, with a notable rise of 26%.
Nonetheless, the actual standout lies in FTT’s beneficial properties 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 beneficial properties spotlight the rising demand and investor curiosity in FTT as rumors of a doable reboot of the change flow into throughout the crypto group.
Featured picture from Bloomberg, chart from TradingView.com
