In a riveting three-hour live discussion hosted by Martin Shkreli, who goes by the handle @wagieeacc on X (fka Twitter), and featuring an insider source, Flacco Poops, with the handle @ayopoops, along with co-host Tiffany Fong, an update on Sam Bankman-Fried’s time in prison was shared.
The former FTX chief was sent to jail by federal judge Lewis Kaplan after he had repeatedly pushed the boundaries of his bail conditions. The key allegation that swayed the judge’s decision was that the defendant had potentially tampered with witnesses on two separate occasions. Kaplan’s verdict was explicit in suggesting that there was credible reason to believe that such interference had indeed transpired.
Upon Bankman-Fried’s arrival at the Metropolitan Detention Center (MDC), his entry into a prison cell was not without complications. His initial bunkmate, misjudging him as a potential threat, refused to share the cell, fearing that Bankman-Fried might be a “Chomo” or “Child Molester”. Efforts to find a suitable cellmate for him were fraught with disputes until he was eventually relocated to the 4th floor, where he found himself among fellow inmates of Asian descent.
Notably, Bankman-Fried seems to have formed a connection with a gang hailing from Downtown Manhattan. Whether they are protecting him or seeking to exploit him remains unclear as per Shkreli’s informant, as prison dynamics are often characterized by a fine line between protection and extortion. He has been observed passing time on the prison floor, seemingly engrossed in Sudoku puzzles, surrounded by newspapers.
Several speculations were put forth regarding Bankman-Fried’s future in prison. The apparent ignorance among some inmates about his identity was attributed to the varying degrees of intelligence found within the prison population. Additionally, it was revealed that prison guards, or Correctional Officers (COs), had an interest in cryptocurrency, raising the question of whether this could work to Sam’s advantage or detriment.
Intriguingly, the possibility exists that Bankman-Fried might be perceived as someone with hidden wealth, leading to either his protection or the initiation of a manhunt within the prison. Moreover, a surprising number of inmates in the prison exhibited a keen interest in cryptocurrency, trading various tokens on contraband burner phones.
Despite well-intentioned advice from fellow inmates, such as embracing hip-hop, learning Spanish, and honing spades-playing skills, Bankman-Fried appeared to downplay the significance of these suggestions, indicating that the full reality of his situation may not have set in.
Shkreli offered his perspective on the crypto mogul’s potential placement within the prison system, asserting that a transfer to a “camp” was unlikely, while a stint in “low security” might allow him to flourish, and a placement in a “medium security”, he will survive. The prospect of “penitentiary” life, however, raised concerns for Bankman-Fried’s safety, especially given the prevalence of anti-Semitism in some prison environments. It was suggested that he might consider converting to Islam for added protection if necessary.
Inmates were reportedly eager to obtain a picture of Bankman-Fried for potential sale. The discussion also touched on the dubious nature of some Halfway Houses, the disposal of inmates’ clothing upon entry into prison, and various prison slang terms.
In a letter to Judge Kaplan sent in August, Bankman-Fried’s legal team cited his psychiatrist, George Lerner, who explained how necessary it is for the detainee to get regular access to his prescribed meds. Dr. Lerner revealed that the 31-year old former crypto mogul has “a history of Major Depressive Disorder and Attention Deficit Hyperactivity Disorder (ADHD).”
“Without the aforementioned psychiatric medications… Mr. Bankman-Fried will experience a return of his depression and ADHD symptoms and will be severely negatively impacted in his ability to assist in his own defense,” Dr. Lerner reasoned.
In a New York Mag piece back in February, it was revealed that Bankman-Fried in early 2022 hired Dr. Lerner to serve as a coach for employees who were stressed out by the growing crypto firm’s grueling schedule. Lerner, Bankman-Fried’s psychiatrist since 2019, coached 100 of FTX’s 300 staffers while seeing 20 of them in his private practice.
Information for this briefing was found via the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.