Sam Bankman-Fried, the co-founder and former CEO of FTX, is currently awaiting sentencing on multiple felony counts and has adapted to the economic system at the Metropolitan Detention Center in New York by trading fish for various services within the prison. Mackerel has emerged as the currency of choice in federal prisons, leading to an increase in its demand and sales. The article also references the surge in value of FTX’s native token, FTT, within the cryptocurrency market.
Disgraced FTX Founder Adapted to Trading Fish in Prison Economy
According to a report by Business Insider, Sam Bankman-Fried (SBF), co-founder and former CEO of FTX, has embraced the economic system at New York’s Metropolitan Detention Center (MDC) while awaiting sentencing on multiple felony counts. The disgraced crypto-billionaire has reportedly been bartering using food, particularly mackerel, as currency for various services within the prison. Mackerel has become the currency of choice in federal prisons since the ban on cigarettes, leading to a surge in its demand. Additionally, FTT, the native token of the FTX cryptocurrency exchange, has experienced significant gains in value in recent timeframes, showcasing growing demand and investor interest.
#### What is the significance of mackerel in federal prisons?
Mackerel has emerged as the currency of choice in federal prisons after the ban on cigarettes. It has become a stable and valued commodity within the prison economy.
#### What charges is Sam Bankman-Fried facing?
Sam Bankman-Fried is facing charges that include wire fraud and conspiracy to commit money laundering, with a potential prison term of up to 110 years. Additionally, he is set to stand trial for separate counts related to political bribery.
#### How has FTT, the native token of FTX, performed in the cryptocurrency market?
FTT has seen a remarkable surge in value, with substantial gains across various timeframes and an impressive market capitalization of 1.5 billion. It has cemented its position among the top 50 tokens in the crypto market, experiencing a significant increase of 21% in the past 24 hours and an impressive rise of 315% in the 30-day timeframe.
#### What is the source of the article’s featured image and chart?
The featured image is from Bloomberg, while the chart is from TradingView.com.