Sam Bankman-Fried Shifts From Trading Canned Mackerels To Offering Crypto Tips To Guards: Report

Incarcerated FTX founder Sam Bankman-Fried has reportedly provided cryptocurrency investment advice to prison guards at a Brooklyn facility, including promoting Solana.

What Happened: Despite his incarceration at the Metropolitan Detention Center in Brooklyn, Bankman-Fried has reportedly been offering investment tips to prison guards, as per an unnamed source cited by The New York Times on Tuesday.

Bankman-Fried, who has been in the Metropolitan Detention Center since August, is facing significant challenges, including the lack of internet access for inmates.

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Despite his predicament, Bankman-Fried’s parents, Joseph Bankman and Barbara Fried, have appealed to the court for leniency, expressing genuine concern for their son’s well-being in a typical prison environment.

Bankman-Fried was convicted of seven counts of fraud and conspiracy in November. His sentencing is scheduled for March 28, and he could face up to 110 years in prison.

His attorney, Marc Mukasey, has argued that a 100-year prison term would be “grotesque” and “barbaric,” proposing a shorter sentence of five to six-and-a-half years.

Why It Matters: Despite his imprisonment, Bankman-Fried has been making headlines for his activities within the prison. In January, it was reported that he was trading a new alternative currency, canned mackerels, in the federal prison where he is held. This news shed light on the microeconomies that exist within the prison system.

In a recent interview, a fellow inmate described Bankman-Fried as an “odd” individual, shedding light on the personality of the former FTX CEO.

Bankman-Fried has been seeking a reduced prison term of 63-78 months, citing his non-violent offense. His legal team has challenged the Presentence Investigation Report (PSR) recommending a 100-year prison sentence, arguing that he was a first-time, non-violent offender involved in fraudulent conduct with at least four other individuals.

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Photo by Cointelegraph on Wikimedia