In the concrete confines of the Metropolitan Detention Center, disgraced FTX founder Sam Bankman-Fried, known as SBF, is navigating a new financial frontier. Trading fish for services, the former billionaire proves that prison’s the perfect place for financial innovation.

From Crypto to Fish: SBF's Peculiar Pivot

In the stark reality of prison, where the clink of cash is replaced by the clank of prison gates, fallen crypto giant Sam Bankman-Fried is swimming with the tides. The disgraced FTX founder, awaiting sentencing for a litany of felonies, has embraced a novel medium of exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term, albeit one that’s popular with his fellow inmates: mackerel. Yes, you read that right — fish. According to the Wall Street Journal, the economic genius behind FTX has seamlessly transitioned from digital assets to piscatorial currencies.

FTX founder Sam Bankman-Fried, who was convicted of fraud and is cooling his heels at a Brooklyn detention center, has traded in crypto for a new currency: mackerel https://t.co/MYedH4A7dV pic.twitter.com/vKFmvpIQnY

— The Wall Street Journal (@WSJ) November 23, 2023

The fish, commonly referred to as "macks" among inmates, had been the choice of currency in federal prisons since 2004 after cigarettes were banned, sources told the Journal in 2008. Global Source Marketing Marketing Marketing is defined as the business process of identifying, anticipating and satisfying customers' needs and wants.This is a crucial element of any operation or brokerage in the financial services space. Well-funded marketing campaigns are instrumental to the survival and longevity of these companies in an increasingly competitive industry.Within the forex space, marketers perform a wide range of functions to help procure, secure, or retain clients.In particular, newer forex brokers also have t Marketing is defined as the business process of identifying, anticipating and satisfying customers' needs and wants.This is a crucial element of any operation or brokerage in the financial services space. Well-funded marketing campaigns are instrumental to the survival and longevity of these companies in an increasingly competitive industry.Within the forex space, marketers perform a wide range of functions to help procure, secure, or retain clients.In particular, newer forex brokers also have t Read this Term, a supplier of the fish, claimed that the fish was so sought after in prisons that it noticed an uptick in demand.

The logic behind the mackerels’ value is that certain food items and stamps are used as stable currency as their value can be directly tied to the dollar.

From Cryptocurrency Tycoon to Mackerel Maestro

Once a crypto-billionaire, SBF's current hustle involves exchanging packaged mackerel, a piscine delicacy among inmates, for various services. Reports suggest that SBF paid for a fresh haircut, courtesy of a fellow detainee, with this unusual form of currency. From FTX founder to fish aficionado, the twists in Bankman-Fried's journey continue to baffle — trading one commodity for another, albeit in a much less glamorous setting.

Bankman-Fried will be sentenced on March 28, 2024, faces up to 110 years in prison for the fraud charges brought against him, but they're only part of the charges he's facing. He's also set to stand trial for separate counts related to political bribery.

We’ll continue to fish for details.