Based on a report published by Business Insider, it has been observed that Sam Bankman-Fried (SBF), who is the co-founder and former CEO of FTX, has successfully adjusted to the economic structure within the confines of the Metropolitan Detention Center (MDC) in New York. Presently, he is awaiting sentencing on several criminal charges.
According to reports, the crypto-billionaire who has faced public embarrassment has allegedly resorted to engaging in bartering activities within the jail environment, utilizing food items as a kind of cash to get a range of services.
The former Chief Executive Officer (CEO) of FTX, Sam Bankman-Fried (SBF), engages in barter transactions involving fish in exchange for other services.
According to the article, mackerel, a type of fish colloquially known as "macks" within correctional facilities, has become the preferred form of cash in federal prisons following the prohibition of cigarettes. The fish's widespread appeal can be attributed to its inherent stability and significant worth within the jail economy.
Attorney Larry Levin, who has previously been jailed, has reportedly engaged in the practice of accepting mackerel as a form of money from fellow convicts. This unconventional currency has been utilized by Levin to get various services, including beard trims and shoe shines.
According to Business Insider, vendors such as Global Source Marketing experienced a notable surge in revenue due to the considerable demand for mackerel.
Within the confines of a correctional facility, when incarcerated individuals are deprived of conventional or digital forms of cash, some commodities, including specific food items and postage stamps, assume the role of surrogate monetary units due to their inherent stability in value.
Mackerel and other stable commodities, such as tuna, assume the role of a medium of exchange, wherein their worth is linked to the value of the dollar. This economic rationale enables incarcerated individuals to participate in diverse transactions while upholding the structure of a barter system.
The utilization of fish as a kind of currency within federal correctional facilities has become prevalent since 2004, subsequent to the implementation of the prohibition on cigarettes.
Sam Bankman-Fried is scheduled to undergo sentencing on March 28, 2024, in relation to allegations of wire fraud and conspiracy to engage in money laundering. If convicted, he may face a maximum prison sentence of 110 years. Furthermore, SBF is scheduled to undergo a trial on distinct charges pertaining to political bribery.
The native token of the #ftx cryptocurrency exchange, #ftt , has experienced a significant increase in value in the past several weeks. FTT has seen significant growth throughout many timeframes and currently has a noteworthy market capitalization of 1.5 billion. As a result, it has firmly established itself as one of the top 50 tokens within the cryptocurrency market.
In the preceding 24-hour period, the FTT token has seen a noteworthy surge of 21%, thereby indicating a positive trajectory for the token. The recent increase in value is accompanied by a significant upward trend observed in the preceding week, demonstrating a noteworthy growth of 26%.
Nevertheless, the most noteworthy aspect is to the benefits achieved by FTT throughout the preceding 14 and 30-day periods. Over the past fortnight, the value of FTT has experienced a remarkable increase of 100%, while the 30-day period has witnessed a remarkable spike of 315%.
The aforementioned gains serve as evidence of the increasing demand and investor enthusiasm in FTT, as speculations regarding a potential revival of the exchange swirl among the cryptocurrency community.
