In the confines of New York's Metropolitan Detention Center, Sam Bankman-Fried, the former crypto magnate is adapting to the prison’s underground economy.
What Happened: According to Wall Street Journal, Bankman-Fried has been observed negotiating barters for daily necessities as he awaits trial on a multitude of charges, including wire fraud and schemes to defraud.
The report said that Bankman-Fried paid for his haircut with a stash of packaged mackerel, favored among inmates as a tradeable asset.
Cigarettes, once the standard prison currency, were dethroned when federal prisons banned them in 2004. The void was filled by “macks,” as prisoners colloquially refer to the fish packets, which took their place as an alternate monetary system, according to a past report by the Wall Street Journal.
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Why It Matters: An individual with knowledge of the situation indicated that Bankman-Fried is permitted to receive one visit each week from individuals who are not his legal counsel. He has also been granted the use of a designated laptop that is restricted to reviewing legal documents. Additionally, Bankman-Fried, along with his fellow detainees, has access to a computer room fitted with desks, which are partitioned by plastic dividers.
Although Bankman-Fried’s era of channeling billions into new ventures and maneuvering through the crypto markets has come to an end, he hasn’t completely stepped away from the cryptocurrency landscape. It’s been mentioned by the same source that he has been offering cryptocurrency advice to the correctional officers overseeing him.
Price Action: At the time of writing, Bitcoin (CRYPTO: BTC) was trading at $36,344.38, down 3.11% in the last 24 hours according to Benzinga Pro.
Photo via Shutterstock.
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