Former FTX CEO Sam Bankman-Fried, currently serving a 25-year prison sentence for fraud, recently spoke to the media for the first time since his incarceration. Maintaining his innocence, he is pursuing an appeal while focusing on a new venture within prison walls: commodities trading, specifically bags of rice. In an interview facilitated by his mother and conducted by a journalist, Bankman-Fried shared details about his life behind bars and his perspective on the FTX collapse. He has been held at Brooklyn’s Metropolitan Detention Center since August 2023.
Life for Sam Bankman-Fried inside the prison has been challenging, with his vegan diet proving unpopular among fellow inmates. As a result, he has had to rely on beans and rice, a common staple and form of currency within the prison. Bankman-Fried currently resides in a spacious, dormitory-style prison area primarily reserved for female inmates, sharing a space with 35 other male prisoners, some of whom are reportedly involved in murder cases. His physical appearance has changed, with him losing weight and appearing less restless than before.
Bankman-Fried maintains that he has been unfairly blamed for the collapse of FTX and attributes it to negligence that created conditions for a bank run, exacerbated by actions taken by competitors. He expressed little remorse for his role in assisting in the misappropriation of $8 billion in customer funds and believes that a civil penalty would have been more appropriate than a criminal one. He also regrets not finding a different leader for Alameda Research, citing a conflict of interest with his leadership of FTX.
While awaiting a potentially lengthy transfer process that could take up to four months, Bankman-Fried has requested relocation to a facility closer to his parents. Despite the challenges he faces in prison, including adapting to a new diet and living conditions, he remains focused on his appeal and his new endeavor of commodities trading with bags of rice. His interview with the media sheds light on his current situation and his perspective on the events that led to his imprisonment.
