The bestselling financial author met the cryptocurrency boss at the apex of his wealth and influence. The pair may have become far too close.
As the plane descended, Bankman-Fried, who was then one of the wealthiest people on the planet and a huge donor to political campaigns, told Lewis that he had explored whether it would be legally possible to pay Donald Trump to not run for president in 2024.
There was a time, especially in 2020 and 2021, with bitcoin and other cryptocurrencies rocketing in price, when you could make the most bullish crypto claim without challenge. But since the spectacular tumble of FTX, many a bearish claim will be accepted without challenge. The most common narrative now is: How didn’t you know from the get-go that cryptocurrency was a scam?Intriguingly, Lewis’ book began life in the before times and arguably ends there, too.
Since FTX’s implosion, it has become fashionable to dismiss EA as a pretext for the company’s alleged fraud. But Lewis persuasively portrays FTX and Alameda Research as heavily influenced by EA, especially in their earliest days. Alameda Research was making money by arbitrage trades on the cryptocurrency ripple. When it was discovered that $US4 million in ripple was missing, and Bankman-Fried had neither explanation nor concern, the entire management team and half the employees left. Bizarrely, they later found the missing ripple; it had been inadvertently locked up in other crypto exchanges.
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