SBF’s Prison Currency: Rice Bags for Trade, Says First Interview
Disgraced FTX founder Sam Bankman-Fried revealed that he hasn’t experienced abuse and doesn’t “feel unsafe.” The only time he feels bothered is during the night when they ask about the rice bags they plan to use for trade.
This was his first comprehensive interview since being imprisoned.
SBF’s Prison Survival: Beans, Rice, and a Currency System
The disgraced founder of FTX and co-founder of Alameda Research, who was found guilty of wire fraud, money laundering, and conspiracy in November, now has a new form of currency for trading while in prison at the Metropolitan Detention Center in Brooklyn.
While speaking to Puck News’ William D Cohan in an interview arranged by SBF’s mother – Barbara Fried – the former CEO of the cryptocurrency exchange informed Puck magazine that he survives on beans and bags of rice bought from the commissary and that his rice has become a form of currency within the MDC.
Cohan was not allowed access to a pen, pad, recorder, phone, or watch during the interview, so his observations were noted down afterward.
According to Cohan’s estimate, SBF has lost around 25 pounds and appears to be in better shape. This could be due in part to his claim that the vegan food he receives is so bad that he can’t eat it, and his fellow inmates have described it as smelling awful.
Intention to Appeal
The convicted felon also discussed his situation in federal prison and maintained his innocence stance. He even disclosed his intention to appeal the conviction. Bankman-Fried told Cohan he feels he was made a scapegoat for FTX’s collapse, attributing it to negligence that made the company vulnerable to issues like a bank run and competitors’ actions.
He believes civil, not criminal, penalties would be appropriate. Cohan observed that despite the conviction, SBF still denies committing any crimes and sees himself as an innocent who didn’t have enough chance to negotiate with prosecutors.
Instead of being remorseful about the $8 billion in customer funds he was convicted of mishandling, SBF instead claimed that the lawyers he handed FTX to were responsible for the firm’s collapse.
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