It has emerged through individuals with knowledge of the situation that FTX’s progenitor, Sam Bankman-Fried, is getting used to his life within the confines of the Metropolitan Detention Center in Brooklyn, NY. Incarceration has not stopped him from engaging in trade; it’s reported that he has taken to bartering mackerel packets to get a haircut.

A New Kind of Market: Sam Bankman-Fried’s Shift from Cryptocurrency to “Mack Packs”

The former head of FTX, Sam Bankman-Fried, is assimilating into the culture of confinement after his bail was rescinded due to allegations of trying to influence a witness. Having been found guilty of numerous federal offenses last November, he finds himself serving time at the detention center, pending his sentencing.

Sources, who have chosen to remain anonymous, claim that Bankman-Fried has acclimatized to the prison’s unofficial economy. He’s learned to use mackerel, known colloquially as “mack packs,” as currency in exchange for various services—quite the shift from his cryptocurrency days.

Following a prohibition on tobacco within federal penitentiaries, the packed fish emerged as a popular trade commodity among inmates around 2004. A single mackerel packet, although valued at about a dollar at the commissary, can command a premium due to its limited availability.

Purchases of these mackerel packets are capped at 14 per week per inmate. This limitation, coupled with their value in trade, has cemented “mack packs” as a significant part of the prison barter system. Outside the prison walls, canned mackerel has grown into a significant market, with projections reaching $1.5 billion in the coming years.

Mackerel in oil is a sought-after item not only for bartering but also for consumption due to its taste, quality, and the extended shelf life it boasts. A well-stored, unopened can can last three to five years, while an opened can will stay fit for consumption for approximately three months, as long as it is stored correctly.

In a peculiar but revealing development, it’s also been reported that Bankman-Fried has taken it upon himself to offer advice on cryptocurrency trading to the MDC personnel. Adding to the remarkable circumstances of his imprisonment, he purportedly shares living space with the former leader of Honduras, Juan Orlando Hernández, who faces his own slew of grave accusations. This odd coupling places Bankman-Fried in proximity to a formerly powerful figure in global politics now facing accusations relating to serious crimes.

What’s your take on Bankman-Fried’s current situation and his coping mechanism through trading mack packs? We’re interested in your views, so please feel free to share your opinions on this topic.