TL; DR
Sam Bankman-Fried is offering advice on cryptocurrency to prison guards.
The Brooklyn's Metropolitan Detention Center is providing SBF his preferred vegetarian diet and medication.
SBF lawyers have plans to appeal against his verdict.
Introduction
Sam Bankman–Fried, who used to live in a luxurious mansion in the Bahamas, stays in a lowly rated prison in the United States. The former FTX exchange CEO, Bankman-Fried, popularly known as SBF, was jailed in August when a federal judge revoked his bail for interfering with state witnesses.
Recently, a federal jury convicted SBF for several counts that include defrauding investors and lenders. In the meantime, he will receive his sentence on 28 March 2024.
This article focuses on how Sam Bankman-Fried is coping with prison life and how he is navigating several challenges. We will also cover his possible moves after his recent conviction.
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Bankman-Fried Remains Entrepreneurial while in Prison
Despite the mounting woes following his conviction for seven counts, Bankman-Fried remains resilient and enterprising. He is doing much while in prison to improve his lifestyle and help other people to understand how cryptocurrencies work.
In a sign of humanity, Bankman-Fried is helping prison guards to understand how cryptocurrency works. He is sharing his knowledge of crypto assets with them.
It is not clear whether or not such a gesture has led him to receive preferential treatment. For example, Bankman-Fried has access to a laptop to study legal documents, although under restriction. He also shares a computer room with other prisoners.
Currently, Bankman-Fried is in Brooklyn's Metropolitan Detention Center where has been staying since August this year. The former FTX CEO is waiting for his sentence to be pronounced in March 2024.
Also, the FTX crypto exchange founder is showing his enterprising spirit while in prison through trading fish. Like many other prisoners, Bankman-Fried is using pouches of mackerel fish as currency in order to access various services that include haircuts.
Autism Capital, a journalist, posted details on how Bankman-Fried is faring in prison. He/she said, “Sam is known to be trading Mackerel, the fish, as prison currency, more commonly called "Pouches of Mack." Mackerel has replaced cigarettes in the prison barter economy.”
Related news: FTX Sues Sam Bankman-Fried and Former Execs for $1 Billion
Each mackerel, which used to cost $1 in 2020, is currently valued at $1.30. Previously, prisoners used cigarettes as a form of barter trade. Nevertheless, the use of cigarettes in the United States prisons was banned in 2004, leaving the prisoners with a choice to find another form of currency.
Basically, the mackerel currency, often referred to as Macks, has become more popular than its alternatives such as soup packets and postage stamps.
SBF Adapting to Life Behind Bars: Navigating the Challenges of Prison Life
During his early days in prison, Bankman-Fried complained about the diet and the medication he was being given. Specifically, SBF’s diet used to consist of bread, peanut butter and water only. His main challenge, in this regard, was the absence of a vegetarian diet he prefers. Interestingly, he now gets the preferred diet that has vegetables and mackerel.
Also, during his first days in prison, Bankman-Fried was unable to get his preferred medication for attention-deficit hyperactivity disorder (ADHD). Nonetheless, the prison is now giving him his “desired Adderall dosage,” something that has improved his prison life.
Such improvements came after SBF lawyers raised his concerns with the Manhattan Federal Court. Autism Capital, the journalist, concurs on X that Bankman-Fried is receiving his preferred medication. He posted, “He is served vegetarian meals in his cell and receives his desired Adderall dosage.”
Other Conditions Favourable for Bankman-Fried
Although jail conditions in The Metropolitan Detention Center in Brooklyn are terrible, Bankman-Fried has some good moments. The FTX exchange founder has the right to have one non-attorney visitation per week.
Likewise, Bankman-Fried can freely interact with different inmates. examples of other popular prisoners he mixes with include Juan Orlando Hernández, the former president of Honduras, who has been charged with bribery in a case of drug trafficking and Genaro García Luna, a former head of Mexican police, convicted for aiding drug cartels.
Related article: Post FTX Era: Evolution for Crypto Trading
After getting his sentence in 2024, Bankman-Fried may be transferred to another prison with better conditions. In that case, he may have greater freedom of movement. He can also access various recreational and educational resources. In addition, he may stay in a prison with less violent inmates.
Read also: SBF & the Suspicious Activities via FTX: Is this a Ponzi Scheme or Fraud?
Recent Legal Developments Surrounding SBF
As we know, Bankman-Fried was convicted on 3 November by a jury panel of 12 members after a full fraud trial. Still, SBF has another pending trial scheduled for 28 March where he faces charges of campaign finance fraud as well as bribery of officials.
In the meantime, the US Court of Appeals for the Second Circuit rejected Bankman-Fried’s plea for release, meaning that he will continue to stay in prison until he receives his sentence. However, since SBF maintains that he is innocent his lawyers are willing to challenge his verdict through an appeal.
The appellate court will use the record of his recent trial to make a decision whether or not to approve his request for an appeal. His main grounds for an appeal may include errors the government officials might have committed during the trial process, the misconduct of the juror and the errors the judge made when applying the law.
Depending on the nature of the errors and misconducts the appeals court identifies it may reverse the whole verdict or part of it. Nevertheless, the court may also decline Sam Bankman-Fried’s request for an appeal.
Conclusion
Bankman-Fried, in Brooklyn's Metropolitan Detention Center, seems to have adapted to prison life as he is participating in various social and economic activities. For example, he is giving advice to prison guards about cryptocurrency.
He is also involved in trading mackerel in order to access essential services such as haircuts. Above that, he is interacting meaningfully with other popular inmates like Juan Orlando Hernández, the former Honduran president.