Virtu Financial Denies Losing Money with FTX
Virtu Financial, a trading firm, has disputed claims made by author Michael Lewis in his book “Going Infinite” about its financial losses with former FTX CEO Sam Bankman-Fried. According to Virtu, the company never lost any money with FTX and questioned Lewis’ level of diligence in obtaining the $10 million figure he mentioned. The book has gained attention for its revelations about Bankman-Fried’s rise and fall, coinciding with his ongoing criminal trial. Lewis alleged that at the time of its collapse, FTX owed $8.7 billion to over ten million account holders, with Virtu among the creditors.
Criticism of Michael Lewis
Since the release of “Going Infinite” and Lewis’ appearance on “60 Minutes,” the author has faced criticism for his comments on FTX’s performance. Virtu’s spokesperson dismissed Lewis’ credibility, comparing his understanding of market structure to that in his previous book “Flash Boys.” Critics have previously scrutinized Lewis’ depiction and alleged inaccuracies in his book on high-frequency trading published in 2014. Despite these controversies, Virtu Financial maintains a relatively low profile within the crypto industry as a global market maker in equities and other financial products.
Hot Take: Virtu Financial Counters Claims Made by Michael Lewis in Book About FTX
Virtu Financial has responded to assertions made by Michael Lewis in his book “Going Infinite” regarding financial losses with FTX. The company denies losing any money with FTX and questions the accuracy of Lewis’ $10 million figure. This dispute adds to the controversy surrounding the book, which coincides with the criminal trial of former FTX CEO Sam Bankman-Fried. While Michael Lewis faces criticism for his comments on FTX’s performance, Virtu Financial criticizes his understanding of market structure based on his previous book “Flash Boys.” Despite the ongoing debate, Virtu Financial maintains a low profile in the crypto industry as a global market maker.
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