Sam Bankman-Fried's tragic downfall will make an epic movie series for the cinema.
For the crypto folks, his fall could be likened to the Squid Game meme coin, which was tipped to become the next big thing in the crypto industry.
The hype around this particular token was so high that even some expert traders took the bait. The hype has died, and the token has lost relevance, leaving behind sad memories.
Unlike the Squid Bankman-Fried, the FTX founder is liable to be held responsible for his company's woes. He may be spending a good deal of his time in one of the worst prisons in the United States, pending his trial resumes again in October.
SBF rode on the crypto market's popularity and trends between 2020 and 2022 to put his exchange FTX into the limelight. SBF FTX relationship came with mutual benefits. The young CEO ended up amassing wealth that reached up to $26 billion, and the budding exchange went on to compete with industry heavyweights like Binance and Coinbase.
Like the Squid Game token, things fell apart after FTX collapsed, with the former CEO being indicted for mismanagement of the crypto exchange resources.
Sam Bankman-Fried's house arrest didn't make much sense to critics, who felt he should be in prison. Judge Lewis Kaplan understood this after sentencing the former CEO to the Metropolitan Detention Center in New York City.
This is one of the most notorious jails in the US and has one of the top crime leaders inside it. For a guy that spearheaded the downfall of a multi-billion crypto exchange, many feel he's up in the rankings. However, SBF is still pleading not guilty in the case.
Sam Bankman-Fried Jail Conditions
A new look into SBF's new home will send chills down anyone's spine. He will be spending time with one of the top criminal masterminds in the world.
Martin Shkreli, the 'pharma bro,' is one of those who had spent some time in this jail before Sam Bankman-Fried made his appearance. This guy illegally increased the price of the life-saving medication Deraprim by 5,000 percent to exploit AIDS patients. Martin Shkreli had spent more than 3 years in jail on charges of defrauding investors.
Before being sentenced to jail, Sam Bankman-Fried was previously on house arrest in his parents' house. While in their multi-million dollar house in Palo Alto, California, SBF had limited access to things like Netflix and even making phone calls. He was also allowed access to white-listed websites such as Wall Street Journal and other monitored news outlets.
During his stay at his parents' house, SBF had broken some of the bail conditions. In fact, some of these misdeeds made Judge Lewis Kaplan consider sending the former FTX CEO to jail, pending when his trial begins in October.
According to reports, he used his liberty to make a great deal of phone calls and send a whopping number of emails. He was said to have made more than 1,000 phone calls and even sent over 100 emails. At one point, Sam Bankman-Fried misused his right to call witnesses and even tried to bully them into changing their minds.
Currently, Sam Bankman-Fried's situation is quietly hellish. The prison he is in is known for being heavily understaffed, and many utilities aren't working.
Some ex-convicts have shared tales of sewage entering their cell rooms. In other experiences, moldy food is a daily companion.