SBF housed with ex-Honduras president in jail, is trading mackerel and giving crypto tips

cyptouser12 months agoCryptocurrencies News188

The Wall Street Journal published an update on the prison living conditions of Sam Bankman-Fried, FTX’s co-founder and ex-CEO, on Nov. 23.

The newspaper said that Bankman-Fried has been placed in a dormitory with Juan Orlando Hernández, a former Honduran president who is awaiting trial over acceptance of bribes from drug traffickers. Both appear to be on good terms: Hernández’s lawyer said that the two inmates have held “cordial conversations.”

Also in the same unit is Genaro García Luna, a former head of police in Mexico who was recently convicted of helping cartels smuggle cocaine into the U.S.

The Wall Street Journal added that Bankman-Fried’s difficulties in accessing vegetarian meals and ADHD medication in prison have been resolved.

It noted that Bankman-Fried is allowed to see non-attorney vistors once a week. He has also been granted access to a special laptop for the review of legal documents, though his computer use is restricted to a dedicated room with divider desks.

Bankman-Fried’s spokesperson, Mark Botnick, told the newspaper that the former FTX executive is doing the “best he can under the circumstances.”

Bankman-Fried involved in prison economy

The Wall Street Journal additionally said that Bankman-Fried is trading mackerel packets with other inmates in exchange for services. He reportedly traded an unknown amount of mackerel for a haircut prior to his trial in November.

Mackerel packets — which are individually worth about $1.30 — became a de facto prison currency after federal smoking bans eliminated cigarettes as a viable alternative. (Incidentally, another former cryptocurrency convict, Charlie Shrem, has previously commented on the economics of prison mackerel trading.)

Bankman-Fried has also provided advice regarding cryptocurrency investment to guards, according one of the Wall Street Journal’s unnamed sources.

SBF will be moved after sentencing

Bankman-Fried is currently housed in the Metropolitan Detention Center, Brookyln, which is notorious for its poor conditions. He will be transferred to a federal prison to serve his full sentence. There, he will likely receive greater freedom of movement, better educational and recreational resources, and company with less violent prison population, according to a prison consultant cited by the Wall Street Journal.

Bankman-Fried has been convicted, but has not yet been sentenced, for his role in FTX’s fraud. His sentencing is set for March 28, 2024 following a second trial that will handle charges of campaign finance fraud and bribery of Chinese officials.

Bankman-Fried’s current maximum sentence is 115 years in prison, though some experts have suggested he will be imprisoned for 25 years or less.

The content on this website comes from the Internet. Due to the inconvenience of proofreading the authenticity and accuracy of the copyright or content of some content, it may be temporarily impossible to confirm the authenticity and accuracy of the copyright or content. For copyright issues or other issues caused by this, please Call or email this site. It will be deleted or changed immediately after verification.

related articles

This simple Bitcoin investment strategy prevents crypto traders from being liquidated

This simple Bitcoin investment strategy prevents crypto traders from being liquidated

25cc9d4a˃The aspiration of quickly becoming a millionaire has been a fundamental desire since the in...

Fiji central bank warns against crypto use, disappointing Bitcoin hopes

Fiji central bank warns against crypto use, disappointing Bitcoin hopes

1205f261˃The Reserve Bank of Fiji (RBF) has issued a warning to the public against using cryptocurre...

Runes are offering a significant lifeline for Bitcoin miners — TeraWulf CEO

Runes are offering a significant lifeline for Bitcoin miners — TeraWulf CEO

1205f261˃The rise in transaction fees from Bitcoin Runes — a new protocol for issuing fungible token...

Binance to remove prime brokerage loophole

Binance to remove prime brokerage loophole

55966e89˃Binance is closing a loophole in its Link Program that allowed some prime brokerages to tak...

Providing certainty in funding costs and investment returns: Ethereum gets fixed-income DeFi protocol

Providing certainty in funding costs and investment returns: Ethereum gets fixed-income DeFi protocol

55966e89˃Term Structure has gone live with its mainnet, aiming to revolutionize risk and liquidity m...

Price analysis 4/19: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIB

Price analysis 4/19: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIB

1205f261˃News about geopolitical tension between Iran and Israel caused wild swings in Bitcoin (BTC)...