• Press Releases
    • Submit a press release
    • Read All
  • Contact us
Advertise
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Breaking News: BREAKING: Saylor's Strategy Misses S&P 500 Inclusion, Robinhood Takes Spotlight
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Bitcoinist.com
No Result
View All Result
Breaking News: BREAKING: Saylor's Strategy Misses S&P 500 Inclusion, Robinhood Takes Spotlight
Sam Bankman-Fried

Sam Bankman-Fried Maintains Innocence While Subsisting On Rice And Beans In Prison

Christian Encila
by Christian Encila
1 year ago
·
Posted in News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Sam Bankman-Fried (SBF), the once-revered wunderkind of the cryptocurrency world, has traded his penthouse for a prison dorm. Following his conviction for orchestrating a multi-billion dollar fraud at FTX, Bankman-Fried is facing a harsh reality far removed from his former life of luxury.

Related Reading: Did Regulations Push LocalMonero Out? Privacy Coin Platform Bites The Dust

SBF Subsists On Rice And Retro Games

A recent interview conducted within the walls of the Metropolitan Detention Center (MDC) Brooklyn paints a stark picture of SBF’s new normal. Gone are the days of lavish meals and bespoke suits.

Here, he shares a dormitory with 35 fellow inmates, surviving on a diet primarily of rice and beans procured from the prison commissary – a place where bartering skills are just as valuable as cash.

In his first jailhouse interview with Puck News, the 32-year-old fallen crypto king stated that rice “has become one of the currencies of the realm within MDC.”

While the interview depicts the former billionaire attempting to adjust by watching movies and playing video games, the shadows of his past and the uncertainties of his future loom large.

First photo of Sam Bankman-Fried in jail at MDC Brooklyn. (December 17, 2023) pic.twitter.com/QlENjjmeQG

— Tiffany Fong (@TiffanyFong_) February 20, 2024

Sam Bankman-Fried Blames Market Forces, Not Fraud

Despite his conviction, Sam Bankman-Fried maintains his innocence. He blames a combination of unfortunate market conditions and “poor legal advice” for the catastrophic collapse of FTX.

In his narrative, the company’s downfall was a tragic consequence of a liquidity crisis, exacerbated by a bank run and the machinations of competitors. He asserts his belief that FTX could have been saved had he remained at the helm.

The interview also reveals a hint of finger-pointing towards Caroline Ellison, his former romantic partner and co-conspirator at Alameda Research. SBF claims he reluctantly placed her in charge due to pressure from lawyers concerned about conflicts of interest. However, he maintains he was unaware of any illegal activity taking place.

Sam Bankman-Fried Appeals Conviction, Vowing To Clear His Name

SBF isn’t going down without a fight. The 25-year prison sentence he received is far from the end of the story. His legal team is currently preparing an appeal, arguing the conviction was based on an incomplete picture and a rushed bankruptcy process.

Bitcoin is now trading at $60.660. Chart: TradingView

They point fingers at Sullivan & Cromwell, FTX’s former legal counsel, alleging undue influence and a role in unfairly targeting Sam Bankman-Fried. Only time will tell if these appeals will succeed, but it’s clear SBF is determined to clear his name.

The Fallout From FTX: A Crypto Winter And Regulatory Chill

The ripple effects of FTX’s collapse continue to reverberate throughout the cryptocurrency industry. The exchange is currently auctioning off assets in a desperate attempt to repay creditors and users who lost millions in the fallout.

FTX’s once-bright future has been overshadowed by accusations of fraud and mismanagement, leaving investors wary and the entire crypto market facing a period of uncertainty.

Related Reading: Cardano Founder Unleashes Fury: Biden Administration Is ‘Destroying’ Crypto

Furthermore, the FTX debacle has triggered a global wave of regulatory scrutiny. Governments worldwide are scrambling to implement stricter frameworks to prevent similar disasters from happening again.

Featured image from Bankless, chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Christian Encila

Christian Encila

Follow

Christian, a journalist and editor with leadership roles in Philippine and Canadian media, is fueled by his love for writing and cryptocurrency. Off-screen, he's a cook and cinephile who's constantly intrigued by the size of the universe.

Full Profile

Related Posts

solana-analyse-tendance-leviers-techniques

Solana en route vers les 300 $ : analyse de la tendance des leviers techniques

1 week ago
stablecoins

Yuan-Pegged Stablecoins On The Horizon As Beijing Rethinks Policy

2 weeks ago
Bitcoin

Strategy’s Bitcoin Gameplan Faces Dark Outlook As Expert Warns Of ‘Spiral Of Doom’

2 weeks ago
Bitcoin

Bitcoin Strategist Sounds Alarm On Rising Violent Attacks In 2025

3 weeks ago
Trump

Eric Trump Says ETH Shorts ‘Got Smoked’ As Bitcoin, Ethereum Surge

4 weeks ago
XRP

XRP Investors Targeted: Ripple Flags Surge In YouTube Scams

1 month ago

Premium Sponsors

Press Releases

  • miner

    ETF fever sweeps the market, BAY Miner cloud mining allows...

    14 minutes ago
  • miner

    Institutional capital pours into DOT Miners, pushing XRP...

    28 minutes ago
  • miner

    Ripple (XRP) on-chain popularity surges: FindMining opens...

    46 minutes ago
  • miner

    Riding the XRP Wave: How Cloud Mining with DEAL Mining...

    51 minutes ago
  • miner

    Trump’s WLFI Token Is Making Waves — Here’s How...

    57 minutes ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

About Us

  • Advertise
  • Contact us
  • Editorial Policy
  • Privacy Policy
© 2025 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
      • Crypto Betting
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Advertise

© 2025 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.