With no access to the internet, what’s a crypto trader to do? Learn the prison fish trade it seems. Sam Bankman-Fried, you know that guy who committed fraud and stole from FTX customers, has learned the economic system of the New York’s Metropolitan Detention Center and is trading packaged mackerel to “buy” services such as haircuts.
Apparently, ever since federal prisons banned cigarettes, packaged mackerel fish which are referred to as “macks” by inmates, has been the choice of currency in the clink.
See, now you’ve learned something new about trading in prison. Don’t ever say this e-Newsletter doesn’t educate!
Here’s a couple of interesting stats about federal prisons, where Sam Bankman-Fried will probably live out the rest of his life trading packaged mackerel.
90.3% of inmates have pleaded guilty at their trails.
88.8% of inmates were sentenced within the past 10 years, and 68.2% were sentenced within the past 5 years.
92.9% of the population of federal prisons are men, of which 34.6% are Black, 31.8% are Hispanic, 29.5% are White, and 4.1% are Other races.
Their average age in federal prison is 41 years.
84.4% are United States citizens.
Before his epic downfall Sam Bankman-Fried’s net worth was estimated to be around $15 billion. He now claims in court filings he has less than $100,000 left, and I’m guessing that will be used by my legal fees before we even get to his sentencing and the astronomical fines he’s sure to receive.