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Bankman-Fried compelled to commerce mackerel for jail haircut

Bankman-Fried compelled to commerce mackerel for jail haircut

Sam Bankman-Fried, the founding father of failed crypto change FTX, is dealing with jail time by studying how you can commerce fish for providers from different inmates.

A supply advised The Wall Road Journal that Bankman-Fried not too long ago exchanged tins of mackerel for a haircut from one other inmate in an effort to keep up his “signature mop-top”.

The fish has turn out to be the preferred commissary merchandise ever for the reason that Brooklyn Metropolitan Detention Middle banned cigarettes, the outlet reported. Inmates steadily commerce it for providers from one another.

Mackerel prices $1.30 on the jail commissary, whereas one of many dearer gadgets is an MP3 Participant for $88.40.

Bankman-Fried has been within the facility since August. He’s being held with out bail after a federal decide discovered that he tried to intimidate a witness, harassed his former girlfriend, Caroline Ellison, and gave paperwork to reporters. The previous crypto king denied the allegations.

He’s at the moment awaiting sentencing on seven felonies associated to conspiracy and fraud. He’s been convicted of stealing billions from FTX prospects and defrauding traders and lenders. Prosecutors alleged that Bankman-Fried took cash from prospects and used it to repay money owed tied to Alameda Analysis, a hedge fund he based in 2017.

Former FTX chief government Samuel Bankman-Fried testifies earlier than the US Senate on 9 February 2022

(Saul Loeb/AFP by way of Getty Pictures)

He’ll be moved to a federal correctional facility after his sentencing listening to, which is scheduled for 28 March 2024. He’s dealing with a most of 110 years in jail.

The outlet reported he’s cellmates with Juan Orlando Hernández, the previous president of Honduras, and a former Mexican regulation enforcement official.

Earlier than transferring to jail, Bankman-Fried was underneath home arrest at his dad and mom’ residence in Palo Alto, California on $250m bail. He beforehand lived in a $30m Bahamas condominium and was reportedly price $26bn.

Throughout the trial, Ms Ellison, who additionally served as an FTX government, advised the courtroom that the corporate did take cash from the corporate.

“Alameda took a number of billion {dollars} of cash from FTX prospects and used it for our personal investments and to repay money owed we had,” she stated.

She has pleaded responsible to seven counts of fraud and conspiracy.

The Impartial has reached out to an legal professional for Bankman-Fried for remark.

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Written by bourbiza mohamed

Bourbiza Mohamed is a freelance journalist and political science analyst holding a Master's degree in Political Science. Armed with a sharp pen and a discerning eye, Bourbiza Mohamed contributes to various renowned sites, delivering incisive insights on current political and social issues. His experience translates into thought-provoking articles that spur dialogue and reflection.

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