Mystery solved! We identified the big chonky ring that Sam Bankman-Fried wore to court.

• Sam Bankman-Fried was seen sporting a chunky metal ring in court this week.
• Insider hunted through old media appearances to solve the mystery.

At his arraignment Tuesday, where Sam Bankman-Fried pleaded not guilty to eight counts of fraud and conspiracy, the 30-year-old disgraced wunderkind was in his usual court garb: a navy suit, a white dress shirt, and his normally puffy hair.

You didn't need eagle eyes to spot an accessory he was sporting. On his right ring finger was a big honking metal ring.

An Insider reporter in the courtroom couldn't help but wonder: What's the deal with the ring?

It's not like Bankman-Fried won the Super Bowl at some point. Did he use it to put his stamp on wax seals and send letters off to Caroline Ellison?

The mystery had to be solved.

Insider pored over older photographs of Bankman-Fried, trying to see if he's worn it before so we could get a closer look.

It was hard to spot. Bankman-Fried has a tendency to stuff his hands in his pockets.

Apparently, Bankman-Fried also had to take it off while going through the building's security.

Inside the building itself, photos are forbidden, so there's no use in trying there.

Bankman-Fried didn't wear the ring in his previous court hearing, on December 22. That isn't surprising though, since he was in custody at the time. His personal belongings would have been taken by authorities in the US or the Bahamas, which extradited him.

Maybe it's in this paper bag he's clutching as he left the courthouse that day?

Looking further back in time, Bankman-Fried appeared to be wearing the same ring while speaking at a charity event in New York City, in June, before FTX collapsed and he was arrested on fraud charges. But it's hard to see it in any detail.

He also seemed to be wearing the ring while testifying to Congress about cryptocurrency regulation in December 2021. But, again, it's hard to get a close look.

Insider finally got a good look at the ring in an interview Bankman-Fried did with Chuck Todd on NBC's "Meet the Press," which was uploaded to YouTube.

There it is!

Later in the interview, we got an even better look.

Let's zoom in, shall we?

Is that... a beaver?

Indeed, the ring appears to be an MIT class ring, also known as the "brass rat." Bankman-Fried graduated from MIT in 2014, so that tracks.

The brass rat is also often worn on the right hand instead of the left. You can see Robert Downey Jr. wearing it on his right hand while playing Tony Stark in "Iron Man," Kristen Wiig wearing it on her right hand in "Ghostbusters," Peter Mullan playing some guy I don't remember from "Westworld" apparently wearing it on his right hand, and US Senator Alex Padilla of California waving it around for everyone to see on that right hand as well. Add Bankman-Fried to this illustrious list.

The beaver design for the MIT class ring, taken from the school's mascot, dates to 1930. Each year, a "ring committee" made up of undergraduate students comes up with a new design for it that includes a lot of easter eggs, much like a Taylor Swift album. The engraved beavers, depending on the year, are depicted holding various things that MIT nerds like, such as compasses, telescopes, and globes. They are also often depicted holding things beavers like, such as twigs.

Despite its nickname as the "brass rat," the 2014 ring was available in stainless steel, silver, and gold, according to its website. Depending on the material and size, Bankman-Fried shelled out between $118 and $1390 for the one he wears.

The chair of the 2014 ring committee didn't immediately respond to Insider's request for comment for this story.

According to a former ring committee member from a different year, who spoke to Insider on the condition of anonymity, students often purchase two rings. One for everyday use, in a common material like stainless steel, and one for special occasions, in gold.

Bankman-Fried's "alleged behavior isn't reflective of what the ring stands for and our values as MIT alumni," the former ring committee member said.

A representative for Bankman-Fried responded to Insider's request for comment and confirmed Bankman-Fried was wearing an MIT class ring. The spokesperson said Bankman-Fried "sort of switches between the two rings" and was wearing "the brass one" in court Tuesday.

"There was no special meaning behind it," the spokesperson said.

You can check out this nifty 3D model of the MIT class of 2014 ring on its website. The beaver, the committee wrote, demonstrated optimism about the future.

"With a handsome body and fiercely intelligent eyes, the 2014 Beaver serves as the centerpiece of our Bezel while standing as a symbol of wisdom and inspiration," the website says. "Maintaining tradition, our Beaver's tail flips upward to represent a positive outlook for the future."