Unconventional Payments: Sam Bankman-Fried's Mackerel Currency in Brooklyn Detention Center

The founder of the now-defunct crypto exchange FTX, Sam Bankman-Fried, is reportedly adjusting to his recent imprisonment at the Metropolitan Detention Center in Brooklyn, according to information from the Wall Street Journal (WSJ). A notable shift in the prison economy has occurred, with mackerel replacing cigarettes as the primary form of currency.

In the absence of smoking, a customary means of trade in correctional facilities, preserved fish has taken on a pivotal role in transactions. Reports indicate that Bankman-Fried participated in a mackerel exchange, bartering pouches of these preserved fish, commonly referred to as "macks," in exchange for a haircut.

Bankman-Fried is presently awaiting sentencing following a recent conviction on seven counts related to defrauding customers and lenders during his tenure as FTX's CEO. Among his fellow inmates are a former Honduran president and a former high-ranking Mexican police officer.

Despite being in detention, Bankman-Fried enjoys certain privileges, including access to a specialized laptop for legal material review and the allowance of non-attorney visitors on a weekly basis. Notably, he has been seen sharing cryptocurrency advice with the prison guards, a unique aspect highlighted in the WSJ report, adding an intriguing layer to his experience behind bars.

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