Sam Bankman-Fried, the founding father of failed crypto trade FTX, is dealing with jail time by studying the way to commerce fish for companies from different inmates.
A supply advised The Wall Road Journal that Bankman-Fried lately exchanged tins of mackerel for a haircut from one other inmate in an effort to take care of his “signature mop-top”.
The fish has grow to be the preferred commissary merchandise ever because the Brooklyn Metropolitan Detention Heart banned cigarettes, the outlet reported. Inmates incessantly commerce it for companies from one another.
Mackerel prices $1.30 on the jail commissary, whereas one of many dearer objects is an MP3 Participant for $88.40.
Bankman-Fried has been within the facility since August. He’s being held with out bail after a federal decide discovered that he tried to intimidate a witness, harassed his former girlfriend, Caroline Ellison, and gave paperwork to reporters. The previous crypto king denied the allegations.
He’s at present awaiting sentencing on seven felonies associated to conspiracy and fraud. He’s been convicted of stealing billions from FTX prospects and defrauding traders and lenders. Prosecutors alleged that Bankman-Fried took cash from prospects and used it to repay money owed tied to Alameda Analysis, a hedge fund he based in 2017.
He’ll be moved to a federal correctional facility after his sentencing listening to, which is scheduled for 28 March 2024. He’s going through a most of 110 years in jail.
The outlet reported he’s cellmates with Juan Orlando Hernández, the previous president of Honduras, and a former Mexican regulation enforcement official.
Earlier than shifting to jail, Bankman-Fried was below home arrest at his mother and father’ house in Palo Alto, California on $250m bail. He beforehand lived in a $30m Bahamas condo and was reportedly price $26bn.
In the course of the trial, Ms Ellison, who additionally served as an FTX govt, advised the courtroom that the corporate did take cash from the corporate.
“Alameda took a number of billion {dollars} of cash from FTX prospects and used it for our personal investments and to repay money owed we had,” she mentioned.
She has pleaded responsible to seven counts of fraud and conspiracy.
The Impartial has reached out to an legal professional for Bankman-Fried for remark.
