Former FTX CEO Sam Bankman-Fried, known for his cryptocurrency ventures, has found a new trade commodity behind bars. Recent reports from The Wall Street Journal reveal that Bankman-Fried, currently incarcerated and facing legal charges, ventured into a peculiar exchange within the prison walls. He swapped four packages of mackerel, commonly referred to as "macks," in exchange for a haircut ahead of his criminal trial last month.
With tobacco products prohibited in U.S. prisons, mackerel packages have emerged as a thriving form of currency. According to the report, these fish pouches have taken the top spot, replacing conventional currency. Stamps and soup dumplings, referred to as "soups," trail behind as the second and third most valued commodities among inmates. Available at the Metropolitan Detention Center (MDC) for $1.30, mackerel packets have become a sought-after trading item. Bankman-Fried reportedly shared a cell at a Brooklyn jail with former Honduran President Juan Hernandez and a former top Mexican police officer, sources familiar with the matter informed The Wall Street Journal.
Despite speculation and social media inquiries, the legitimacy of these reports has faced scrutiny. Notably, Martin Shkreli, the controversial tech figure recognized as the "Pharm Bro," confirmed the prevalence of mackerel as the primary currency within U.S. prisons. Shkreli's X (formerly Twitter) post on November 24 addressed the value of mackerel, stating that paying four packets for a haircut amounted to "extortion." He highlighted that despite this, it was still a more economical deal than paying in stamps. Shkreli pointed out the distinct market for mackerel over stamps in detention centers, warning against accumulating over 500 fish packets, which could draw suspicion. Interestingly, Bankman-Fried, a vegetarian, refrains from consuming mackerel, rendering it a more convenient bartering item for the recently convicted former billionaire.
Bankman-Fried's legal battles continue, with the Court of Appeal rejecting his request for release on November 21. He awaits a sentencing hearing scheduled for March 28 next year after being found guilty of seven charges related to fraud and money laundering on November 2.
