Crypto

FTX crypto king Sam Bankman-Fried subject of new book by Michael Lewis

Best-selling author Michael Lewis, whose books include The Big Short and Flash Boyswrites about the former boss of the failed cryptocurrency exchange for his upcoming book.

FTXwhich was the second largest cryptocurrency exchange in the world, filed for bankruptcy in the United States last week. Its founder, Sam Bankman-Fried, also resigned as chief executive.

A leaked email from CAA agent Matthew Snyder, seen by The Anklerrevealed that Lewis had been on Bankman-Fried for six months.

Sam Bankman-Fried. Photograph: Saul Loeb/AFP/Getty Images

The email states that “Bankman-Fried’s childhood, early success on Wall Street, effective selflessness, and the creation of a crypto empire that catapulted him into the ranks of the most The world’s wealthiest seemed more than enough for a Michael Lewis book signing.

Although Lewis “hasn’t written anything yet,” Snyder’s email said, “the story has become too important for us to wait.”

Bankman-Fried, 30, was replaced as chief executive by John J Ray III, an American lawyer who oversaw the liquidation of Enron, the Texas energy company that collapsed in 2001 after the revelation of massive financial fraud.

Bankman-Fried held billions of dollars of FTX’s own cryptocurrency, FTT, and used it as collateral in other loans.

On Twitter, he said: “So sorry, once again, that we ended up here. Hopefully things can find a way to recover.

“I was shocked to see things turn out the way they did.”

His rival Changpeng Zhao, the managing director of cryptocurrency exchange Binance, had previously tweeted that his company was selling his FTT holdingsworth around $500 million, due to “recent revelations that have come to light”.

Snyder’s email said the “events of the past week provided a dramatic and surprising end” to the Bankman-Fried story, and “also highlighted the rivalry” between Bankman-Fried and Zhao. .

“Michael compares them to Luke Skywalker and the Darth Vader of crypto,” Snyder said.

Among Lewis’ most famous books is The big court, which was adapted into a 2015 film starring Steve Carell, Christian Bale, Ryan Gosling and Brad Pitt. The book tells the story of a group of people who saw the real estate crash of 2008 coming and bet against the banking system, becoming wealthy in the process.

Lewis is also the author of Flash Boys, which is about a small group of people working on Wall Street who set out to reform the financial markets.

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