The blockchain world and its prominent figures have undergone a drastic change with the fall of Sam Bankman-Fried (SBF), once hailed as the “King of Crypto”.
The founder of FTX, one of the most popular cryptocurrency exchanges, has seen his rise to CEO turn into a legal nightmare, culminating in his current incarceration as he awaits final verdicts on charges of embezzlement and financial fraud.
Since August, SBF has been behind bars after a federal judge revoked his bail for alleged witness intimidation, a charge he vehemently denies.
Recently, a lightning trial found him guilty of embezzling billions of dollars belonging to FTX clients, as well as defrauding investors and lenders.
Sentencing for SBF has been set for March 28, 2024, after which he will be transferred to a federal prison to serve his sentence
Despite his confinement, Bankman-Fried continues to be a source of cryptocurrency advice, providing his expertise to guards from his cell, The Wall Street Journal recently reported.
Regarding his life in prison, his current residence at the Brooklyn Metropolitan Detention Center has come under fire for its poor conditions and lack of staff, an issue that has been questioned by defense attorneys and the prison guards union.
In this prison environment, SBF shares space with notable figures such as Genaro García Luna, former secretary of public security of Mexico, convicted of facilitating the trafficking of tons of cocaine to the United States for the Sinaloa cartel.
He also shares unity with Juan Orlando Hernández, former President of Honduras, who is awaiting trial on federal drug and weapons trafficking charges.
It has been speculated that, when transferred to a federal prison, SBF will carry packets of mackerel, an informal currency used in the prison system, something that is common in these environments where certain products become a form of economic exchange between inmates.
