Disgraced FTX Founder Turns To Trading Fish In Prison
In keeping 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 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 forex of selection in federal prisons after cigarettes had been banned. The fish’s reputation stems from its stability and worth throughout the jail economic system.
Previously incarcerated people like lawyer Larry Levin have accepted mackerel as fee from fellow prisoners, utilizing it to amass providers resembling beard trims and shoe shines.
The demand for mackerel grew to become so important that suppliers, together with International Supply Advertising and marketing, witnessed elevated gross sales, based on Enterprise Insider.
In a jail surroundings the place inmates lack entry to conventional or digital forex, merchandise with regular worth, resembling sure meals objects and stamps, function substitutes for cash.
Mackerel and different steady commodities like tuna turn out to be a way of change, with their worth pegged to the greenback. This financial logic permits inmates to interact 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 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 Beneficial properties
FTT, the native token of the FTX cryptocurrency change, has seen a exceptional surge in worth in current weeks. With substantial positive factors 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 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%.
Nevertheless, the actual standout lies in FTT’s positive factors 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 positive factors 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
