Acclaimed Author Michael Lewis Exposes Shocking Crypto Deal in New Book
In his latest book, “Going Infinite,” renowned author Michael Lewis reveals a surprising development in the cryptocurrency community. In 2021, Sam Bankman-Fried, the founder of FTX crypto exchange, proposed to buy back FTX shares from Binance’s CZ for an astonishing $2.2 billion. This marked a significant increase from the initial purchase price of $80 million in 2019. However, just before finalizing the deal, CZ added an extra $75 million, which Bankman-Fried agreed to.
Michael Lewis, known for his captivating storytelling, initially had high hopes for Bankman-Fried and even encouraged a friend to partner with him. However, as Lewis delves into the story in his book, it becomes clear that he had reservations as Bankman-Fried’s empire began to crumble.
The Illusion of a “Different Kind of Crypto Guy”
Bankman-Fried presented himself as a socially conscious, vegan crypto entrepreneur with the goal of making “infinity dollars” to protect humanity from existential risks. Yet, despite his grand aspirations and charismatic persona, the events leading up to his fraud trial paint a different picture. This raises questions about the responsibility that comes with immense financial power in the morally complex world of cryptocurrency.
According to Lewis, he was blindsided by the eventual downfall of Bankman-Fried’s crypto empire, despite being closely involved in the unfolding drama in the Bahamas. Even more puzzling is that Bankman-Fried had almost acknowledged in an earlier interview that the crypto industry resembled a Ponzi scheme.
The Complex Portrait of SBF
Lewis provides readers with a multifaceted portrayal of Bankman-Fried, a man uninterested in art and Shakespeare but deeply invested in the concept of “humanity.” The book reveals private musings where Bankman-Fried expressed being misunderstood while allowing others to perpetuate lies on his behalf. This combination of vulnerability and audacity leaves readers questioning not only the man himself but also the ecosystem that enabled his rise and fall.
While Bankman-Fried receives significant attention in Lewis’s book, less space is given to the voices of devastated employees and investors who believed in his vision. Some claim they were coerced into lying for Bankman-Fried, with their concerns dismissed as mere “accounting errors.”
Hot Take: A Cautionary Tale on Power and Responsibility
“Going Infinite” by Michael Lewis sheds light on Sam Bankman-Fried’s astonishing rise and subsequent fall within the cryptocurrency world. It serves as a cautionary tale, highlighting the illusion of a socially conscious entrepreneur who ultimately faced fraud allegations. The book raises important questions about the ethics and accountability of individuals wielding substantial financial power. Lewis’s storytelling prowess unveils a complex portrait of Bankman-Fried, leaving readers to ponder not only his character but also the broader implications for the crypto ecosystem. This gripping narrative serves as a reminder that with great power comes great responsibility.
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