On Tuesday, all eyes will be fixed on the Manhattan Federal Court as the trial of Sam Bankman-Fried unfolds. The disgraced cryptocurrency entrepreneur stands accused of orchestrating “one of the biggest financial frauds in American history” — the multibillion-dollar collapse of FTX, the crypto exchange he once led.
“Going Infinite”: A Chronicle of Rise and Fall
Known as SBF, Bankman-Fried has pleaded not guilty to seven fraud and conspiracy charges. As we anticipate both his defense and the government’s version of events, another narrative is set to emerge. “Going Infinite,” a book by Michael Lewis chronicling the rise and fall of SBF, is scheduled to debut on the trial’s first day.
The trial has sparked widespread anger, with many feeling that SBF received lenient treatment despite the alleged damage he caused to the crypto landscape. The genesis of “Going Infinite” is as improbable as SBF’s own story.
An Unlikely Introduction: Lewis Meets SBF
In a recent interview on 60 Minutes, Lewis, renowned for his exploration of financial sagas in books like “Liar’s Poker,” “Moneyball,” and “The Big Short,” revealed that he did not initially plan to write about SBF. In early 2021, a friend considering an investment in FTX introduced Lewis to the young billionaire, who both happened to reside in Berkeley.
The purpose of the meeting was to “evaluate his character” before committing financially. While the outcome of that specific investment remains undisclosed, Lewis found himself captivated by SBF’s story and decided to write about him.
From Rags to Riches: Lewis’s Jaw-Dropping Encounter
“Eighteen months earlier, he had nothing. Now he had $22.5 billion. He was the richest person in the world under 30 [and] he was going to spend it to save humanity from extinction,” Lewis remarked. “My jaw was on the floor.”
Over the next two years, Lewis and SBF met over 100 times. As FTX’s trades soared to $15 billion per day, the story attracted the attention of 60 Minutes. The program offered glimpses behind the scenes, showcasing SBF’s multitasking during a TV appearance and the growing involvement of iconic figures like Tom Brady and Steph Curry in FTX’s marketing campaigns.
Political Maneuvers: SBF’s Influence on Politics
The narrative takes an unexpected turn as Lewis claims that SBF sought to influence politics, even discussing funding strategies with Mitch McConnell. Lewis recounts the surreal scene of SBF preparing for a meeting with McConnell in his signature cargo shorts, revealing the complex interplay between crypto moguls and political power.
However, the story concludes with a hard crash. The value of cryptocurrencies on FTX plummeted, leading to financial turmoil. SBF’s denial of bail and the resentment from those who suffered losses underscore the magnitude of the crisis. Ayelet Noff, CEO of a PR firm representing cryptocurrency businesses, criticizes SBF for pushing back crypto adoption and suggests he was over his head.
Cryptocurrency’s Murky Nature: Lewis’s Interpretation
While opinions on SBF’s culpability differ, Lewis’s portrayal in the 60 Minutes episode leaves room for interpretation. The confusion mirrors cryptocurrency’s inherently murky and often misrepresented nature, where intention and consequence intertwine.
Ultimately, whether SBF intentionally defrauded or fell victim to the risks of crypto speculation will be a focal point for the jury to decide in the unfolding trial.
