Sam Bankman-Fried Discusses Life in Prison: Rice Trading and Offline Tablets

Sentenced to 25 years in prison, FTX founder Sam Bankman-Fried (SBF) told Puck News that he is doing well at the Brooklyn Metropolitan Detention Center (MDC).

While awaiting the review of his appeal in July, the entrepreneur has taken up rice trading. According to him, there are far more opportunities for arbitrage in prison compared to his former life as a high-frequency trader.

Rice and beans, which his cellmates reportedly describe as “smelling like crap,” form the basis of SBF’s diet, maintaining his commitment to veganism while incarcerated.

Journalists noted that Bankman-Fried has “significantly lost weight,” shedding 11 kg. He appears “less pudgy, less manic, less fidgety,” without bags under his eyes.

During the conversation, he “almost always” maintained eye contact with the interviewer, which was rare for him in the past. SBF admitted that he has “become adept at pretending,” and he is doing fine.

Alongside 35 other inmates, half of whom are allegedly government-cooperating murderers, Bankman-Fried resides in a large open dormitory-style room.

Reportedly, he is very bored, with only four televisions and an offline tablet for playing games as his entertainment.

SBF is not worried about his safety but struggles with sleep, as other inmates wake him to inquire about his rice for trading.

The FTX founder speaks with his new lawyer “almost every weekday for an hour,” and approved prescription medications help him “think clearly.”

In the interview, Bankman-Fried lamented being blamed for the collapse of FTX.

He cited negligence as his sole mistake, which left the platform “vulnerable to a banking crisis and the treacherous actions of competitors.” SBF believes a civil, rather than criminal, penalty would have been appropriate.

Journalists noted that Bankman-Fried “still does not believe he committed any crimes” and considers himself innocent, having failed to sufficiently negotiate with prosecutors. He “did not apologize much” regarding the $8 billion loss to clients.

SBF stated that the army of lawyers he handed FTX to placed the responsibility for the platform’s collapse on him. The exchange’s founder believes that if he had retained leadership, he could have avoided bankruptcy and turned it into a thriving $80 billion company.

Bankman-Fried acknowledged that he did not make enough effort to find a better specialist than Caroline Ellison to hand over the management of Alameda Research or to continue combining this role with being CEO of FTX, ignoring legal advice.

The publication noted that SBF might be transferred from MDC to another correctional facility. It is highly likely this will be in California, where his parents reside. In this case, relocation from Brooklyn by prison bus could take up to four months.

In April, Bankman-Fried signed a settlement with a group of exchange clients to assist in pursuing the company’s celebrity promoters.