this post was submitted on 24 Nov 2023
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With no access to crypto, disgraced FTX founder Sam Bankman-Fried is now trading fish to pay for services in prison (www.businessinsider.com)
submitted 1 year ago by L4s@lemmy.world to c/technology@lemmy.world
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With no access to crypto, disgraced FTX founder Sam Bankman-Fried is now trading fish to pay for services in prison::Sam Bankman-Fried is now using mackerel fish as a means of exchange with other prisoners.

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[โ€“] autotldr@lemmings.world 7 points 1 year ago (1 children)

This is the best summary I could come up with:

It didn't take long for former crypto-billionaire Sam Bankman-Fried to learn the economic system of New York's Metropolitan Detention Center.

On Thursday, the Wall Street Journal reported that SBF paid for a haircut with packaged mackerel, a type of pelagic fish that is a choice of currency among inmates.

In 2013, he got his first intern gig at Jane Street Capital, swapping exchange-traded funds before co-founding his crypto trading firm Alameda Research in 2017.

The fish, popularly referred to as "macks" among inmates, has been the choice of currency in federal prisons since 2004, after cigarettes were banned, the Wall Street Journal previously reported.

Formerly incarcerated attorney Larry Levin accepted it as a form of payment from fellow prisoners he represented while serving his own sentence at the Lompoc correctional institution in California.

The trend became so popular that Global Source Marketing, a supplier of the fish, felt the increased demand, according to a 2008 story from the Journal.

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