Crypto

Big Short author plans book on notorious crypto founder

The author of The Big Short is preparing a book on collapse of FTX cryptocurrency exchange.

Michael Lewis reportedly spent the past six months with FTX founder Sam Bankman-Fried, according to The Ankler, an American media outlet.

The collapse of FTX, one of the world’s largest exchanges, as it filed for bankruptcy, erased $150bn (£126bn) from the value of the crypto market -currency, amid fears that the crisis could worsen further.

In an email obtained by The Ankler, Matthew Snyder of talent agency Creative Artists Agency wrote, “For about six months, Michael Lewis has been traveling and interviewing Sam Bankman-Fried.

“His childhood, his early success on Wall Street, his embrace of effective altruism and the creation of a crypto empire that catapulted him in record time into the ranks of the richest people in the world seemed more than enough for a book signed Michael Lewis.”

He said the events of the past few weeks had provided a “dramatic surprise ending” to the story and highlighted the Bankman-Fried and Chanpeng Zhao rivalrythe CEO of Binance, another exchange.

Lewis describes them as the Luke Skywalker and Darth Vader of crypto, according to the email.

Mr Snyder said: “Michael hasn’t written anything yet, but the story has become too big for us to wait.”

Lewis hinted about his new book in an interview with Financial News in August.

He said, “I really don’t want to reveal exactly what I’m writing about. But I’ve found a character I can write through – he oddly connects Flash Boys, The Big Short, and Liar’s Poker.

“I guess it’s possible that he’ll be presented as a crypto book, but it’s not going to be a crypto book. It’s going to be about this really unusual character. You’ll learn all about crypto and you’ll learn what went wrong the structure of the market in the United States, etc.

Bankman Fried saw his $16billion (£13.6billion) fortune wiped out days after his cryptocurrency exchange was forced to file for bankruptcy protection.

His paper fortune was previously pegged at $26 billion in March and at $15.6 billion as of Tuesday, according to Bloomberg’s Billionaires Index.

It was primarily based on his ownership of FTX, an online exchange for digital assets such as bitcoin, and his trading company, Alameda Research.

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