CryptoLaw founder John Deaton joins ‘Making Money’ to discuss the case against former FTX CEO Sam Bankman-Fried.
FTX founder Sam Bankman-Fried, who remains behind bars after being convicted of fraud in connection with the collapse of his crypto empire, reportedly scored a fresh look ahead of his trial by using fish as currency.
Citing people familiar with the situation, The Wall Street Journal reported Bankman-Fried paid a fellow inmate at Brooklyn's Metropolitan Detention Center to cut his signature curly locks by trading pouches of mackerel purchased from the facility's commissary.
FTX founder Sam Bankman-Fried arrives for a bail hearing at Manhattan Federal Court in New York City on Aug. 11. (Michael M. Santiago/Getty Images / Getty Images)
According to the outlet, the fish packets, known as "macks," have replaced cigarettes as the currency of choice at federal prisons after officials banned smoking.
Bankman-Fried has been incarcerated since August when a judge revoked his bail for alleged witness tampering. He was found guilty earlier this month on seven federal charges, and his sentencing is slated for March 28.
WHAT'S AHEAD FOR SAM BANKMAN-FRIED?
Bankman-Fried made headlines at the beginning of the trial when he appeared in court with a cleaned-up look, sporting a trimmed-up coif and a suit after ditching the longer hairstyle and casual clothes he had become known for as CEO at FTX.
In this courtroom sketch, FTX founder Sam Bankman-Fried testifies on the witness stand in federal court in New York City on Oct. 30. (Jane Rosenberg)
Prosecutors accused Bankman-Fried, who founded and controlled both FTX and sister hedge fund Alameda Research, of misappropriating and embezzling billions of dollars in FTX customer deposits, scheming to mislead investors and instructing other executives at his businesses to do the same.
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In the trial, he faced two counts of wire fraud and five conspiracy counts. The charges combined amount to a maximum sentence of 110 years behind bars, but sentencing guidelines may call for far less than that.
Cryptocurrency exchange FTX filed for bankruptcy in November 2022 after reports that FTX had merged assets with Alameda, leading waves of customers to withdraw funds. Sam Bankman-Fried was indicted the next month. (Andrey Rudakov/Bloomberg via Getty Images / Getty Images)
In addition to the fraud and conspiracy charges, Bankman-Fried is accused of violating campaign finance laws by using FTX customer funds to make billions in political donations through an illegal straw-donor scheme, and for allegedly bribing Chinese officials.
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A second criminal trial against Bankman-Fried is slated to begin in March. He has pleaded not guilty to all charges against him.
FOX Business' Suzanne O'Halloran contributed to this report.
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