Despite Being Behind Bars, SBF is Still Trading Currencies

So, Sam Bankman-Fried, the former king of crypto, has found himself a new gig at the Metropolitan Detention Center (MDC) in Brooklyn. And guess what? He’s not trading Bitcoin anymore; he’s trading rice. Yes, rice. As a trader, you've got to take what you can get right?

(Source: Mashed)

After being convicted of wire fraud, money laundering, and conspiracy in November, the disgraced FTX founder was sentenced to 25 years in the clink. 

Now, he's serving his time at MDC, waiting for a transfer to a federal prison. In his first in-person interview with William D. Cohan, Bankman-Fried painted a vivid picture of his prison life, complete with a side of humor and irony.

Cohan had to channel his inner detective, as he wasn’t allowed a pen, pad, recorder, phone, or watch during the interview. But he managed to jot down the juicy details afterward. According to SBF, he’s surviving on a diet of beans and rice from the commissary. He’s even turned rice into the hot new commodity, saying it "has become one of the currencies of the realm inside MDC." Who knew rice could be so versatile?

The former crypto titan, who’s lost about 25 pounds, is looking fitter. It seems the vegan meals served in prison are so bad that his fellow inmates say they smell like, well, you can guess. So, it's rice and beans for SBF, and he's looking leaner because of it.

Living conditions? Think less “Wolf of Wall Street” and more “Survivor: Prison Edition.” SBF is bunking in a large room with 35 other men, many of whom are convicted murderers. His section of the prison is mainly for female prisoners, but his ward is an exception. Sounds cozy, right? At least there’s no shortage of company.

(Source: New York Post)

Days at MDC are a mix of extreme boredom and a touch of chaos. Four TVs blare different channels, but SBF isn’t much of a TV guy. Instead, he prefers playing games or watching movies on a tablet – a small luxury in an otherwise drab existence. Despite the rough crowd, he says he doesn’t fear for his safety. The only annoyance? Fellow inmates waking him up at night to barter for his precious rice stash.

Bankman-Fried’s legal woes are far from over. He’s planning to appeal his conviction, maintaining that he didn’t do anything wrong. 

The former billionaire, once accused of orchestrating one of the biggest financial frauds in American history, is now just another inmate navigating the prison barter economy.

In the wider world, FTX, the company he once helmed, is making moves to repay its customers. The bankruptcy court has been informed that FTX has managed to scrape together more than enough funds to cover the losses, which is a rare twist in the usual bankruptcy saga.

But SBF isn’t the only one facing the music. His former executive, Ryan Salame, has been sentenced to 7.5 years for his role in the scandal.

Salame's crimes included making illegal political contributions and running an unlicensed money transmission business. The judge, clearly not a fan of Salame’s antics, handed down a harsher sentence than prosecutors had requested.

Other members of SBF’s inner circle, like his model girlfriend Caroline Ellison, Gary Wang, and Nishad Singh, are still awaiting their day in court. 

It seems the entire FTX saga is a gift that keeps on giving.

So there you have it – Sam Bankman-Fried’s life has gone from crypto mogul to rice trader behind bars. It’s a far cry from the high-flying world of being the ultimate crypto bro, but at least he’s found a way to stay relevant in the most unlikely of places. If nothing else, he’s proved you can trade anything if you put your mind to it.

Stocks.News does not have positions in companies mentioned.