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Sam Bankman-Fried, the former CEO of the crypto exchange FTX, reportedly used mackerel chips as currency to pay for a haircut in jail. Bankman-Fried is currently detained at Brooklyn detention center.
Sam was arrested last December after he was criminally charged by the US prosecutors for fraud and money laundering. He has been held at Brooklyn's Metropolitan Detention Center, which is infamous for the inhumane conditions, since August.
News of the ex-billionaire using mackerel chips as currency to pay for a haircut in jail came to light after he was seen in court without his curly hair. This recent development has left internet users in utter shock, with many social media users finding the situation hilarious.
One X user, @stryker555, reacted to this news shared by the New York Post on X by saying, "Still smart I see."
Sam Bankman-Fried trading mackerel as currency in prison has left the internet in splits
Social media users shared hilarious reactions to the news that Sam Bankman-Fried, who was once soaring high as a businessman, is now trading chips in prison to get a haircut, as per the Wall Street Journal. Cigarettes are officially banned in the Brooklyn jail and mackerel has emerged as the new currency of choice.
Several social media users reacted to this piece of news by saying that those chips are better than crypto. Others reacted to this by saying "so he paid more than what FTX coin is worth?"
Sam reportedly shares a dorm room with a former Honduran president and a recently convicted Mexican top cop.
During his trial, Sam Bankman-Fried openly admitted to the lack of robust risk management at his crypto exchange. However, he vehemently denied any involvement in fraudulent activities. Despite the conviction, his legal team is gearing up for an appeal, a process that could potentially result in a lengthy prison term. His sentencing is slated for March 28.
As Sam Bankman-Fried transitions to a federal prison to begin serving his sentence, he may experience increased freedom of movement along with improved access to educational programs and recreational activities, according to CCN.
It is also worth noting that Sam was behind the cryptocurrency boom as he created one of the world's largest cryptocurrency exchanges. Due to this, he also managed to amass a net worth that Forbes pegged at $26.5 billion.
FTX had to close down in November 2022 because it couldn't get enough money to stay afloat. Many people wanted to take out $6 billion in just three days, and the platform couldn't handle it.
The government in the Bahamas arrested Bankman-Fried, who was involved in running the platform. They did this after officially hearing about the charges against him. Currently, Bankman-Fried is facing more than 100 years in prison. He has been in prison since August 2023, ever since a federal judge revoked his bail.
