Imprisoned Former FTX CEO Bankman-Fried Adapts to Prison Barter System

By: Eva Baxter

Sam Bankman-Fried, the former CEO of FTX, identified as 'macks' among inmates, the fish mackerel has emerged as a prominent trading commodity in prisons. This shift comes after the banning of tobacco products in U.S. prisons, necessitating the need for a new universal trading item. A news article suggests that Bankman-Fried used mackerel packets, also termed as 'macks', as trade-in exchange for a haircut prior to his trial.

Ever since the tobacco products were banned, 'macks' have increased in demand, becoming the most-desirable trading item in the prison economy. The Metropolitan Detention Center (MDC), where Bankman-Fried is currently imprisoned, sells packets of mackerel for $1.30. He reportedly shares a cell with the former Honduran president Juan Hernández and a former senior Mexican police officer. Bankman-Fried was recently convicted of seven fraud- and money laundering-related charges on Nov. 2.

Postage stamps and soup packets, more commonly referred to as 'soups', have taken the second and third place in prison's value hierarchy. According to sources, Bankman-Fried, who follows a vegan diet, finds it easier to trade in mackerel as he does not consume them. Meanwhile, FTT - the native token of FTX has seen a substantial surge in value recently.