FTX Founder Gives Up Cryptocurrency? SBF Trades Sardines for Haircuts in Jail

According to a report from the Wall Street Journal, FTX founder Sam Bankman-Fried is now using mackerel as currency to exchange for services such as haircuts while in prison. Known as "macks," the mackerel has become the preferred currency in federal prisons since the smoking ban in 2004.

Prison Economics: Using Sardines Instead of Cryptocurrency

SBF is currently awaiting sentencing for seven serious crimes at the Metropolitan Detention Center in Brooklyn, where he shares a dorm with the former president of Honduras awaiting criminal trial and a recently convicted senior police officer, and has learned the basics of prison economics.

The trend of using sardines and other food items as currency in prison highlights a system where a stable tangible commodity has replaced hard-to-obtain traditional currencies. Since the smoking ban in 2004, sardines have become the preferred currency in federal prisons.

Reportedly, a bag of sardine slices at the Brooklyn prison commissary is priced at $1.3, a 30% increase from $1 in 2020, with prices influenced by external inflation pressures and demand within the prison.

During his last court appearance, SBF sported a haircut even shorter than his iconic style, reportedly obtained in exchange for sardines for barber services.

Sources indicate that while engaging in tangible goods transactions, SBF still provides prison guards with tips on cryptocurrency.

SBF Convicted on All Seven Charges, Awaits Final Sentencing in Prison

In early November, a jury of 12 unanimously agreed on all seven charges against SBF, with a tentative sentencing date set for March 28, 2024. SBF faces a total of 115 years, although legal experts previously suggested a likely sentence of 10 to 20 years. SBF's defense attorney, Mark Cohen, stated in a release that SBF respects the jury's decision, maintains his innocence, and will continue to fight the charges.

On November 21, the court rejected his latest request for release, indicating that SBF will remain in prison awaiting final sentencing.

SBF Convicted on All Seven Charges, Sentencing in Three Months; SBF: Respects Jury Decision, I Am Innocent