In a rare in-person interview from Brooklyn’s Metropolitan Detention Center, Sam Bankman-Fried, the co-founder of the now-defunct cryptocurrency exchange FTX, has opened up about his new daily life after being sentenced to 25 years for fraud. Speaking to William Cohan from Puck News, Bankman-Fried described how his diet has changed significantly, now primarily consisting of beans and rice, with rice also serving as an improvised currency among inmates. Despite losing 25 pounds and residing in a section mostly occupied by female inmates alongside 35 men, he shared that his main concerns are not about his safety, but rather the monotony and lack of privacy that prison life entails.
Trading Essentials in Confinement
Bankman-Fried’s background in high-frequency trading unexpectedly plays a role in his current situation, as he engages in trading rice with other inmates, finding arbitrage opportunities even behind bars. He humorously noted that the trading dynamics within the prison walls are surprisingly more favorable than in the financial markets he once navigated as a CEO.
Also Read: FTX Announces Overpayment Plan for Creditors
Legal Struggles and Conviction Perspectives
During the interview, Bankman-Fried also discussed his legal strategy and perspectives on his conviction. He suggested that he was unfairly made the “fall guy” for the collapse of FTX, arguing that the issues leading to the company’s vulnerability should have been addressed with civil rather than criminal penalties. He is currently planning his appeal, set to be filed in July, and expressed a preference to stay at MDC until then, although there’s a possibility of being moved closer to his parents in California.
Bankman-Fried reflected on the decisions and events that culminated in his legal woes. He speculated that had he continued at the helm of FTX, the company might still be operational. His reflections reveal a complex blend of defiance and acknowledgment of the multifaceted factors that contributed to his current predicament.
