The ridiculous story of Sam Bankman-Fried, FTX and cryptocurrency generally is aired in two new books, but only one is worth reading and it's not by bestselling author Michael Lewis.
FTX cryptocurrency exchange founder Sam Bankman-Fried, seen here in his customary garb of T-shirt and cargo shorts, faces a fraud trial in New York federal court Tuesday.The main hazard in telling a big story through the eyes of its main participant is the need to rely on his version as the honest truth.
The venture investors who poured millions into FTX were seduced by Bankman-Fried’s boyish torrent of gibberish so baroque they thought it must be meaningful on a level beyond anything they learned in business school. The politicians who accepted his millions in donations were seduced by his self-crafted image as an altruist of remarkable and unique benevolence and his claim to run a responsible crypto exchange.Government agencies are moving to crush crypto as a hive of ‘fraud and scams.
Who else suffered? Of the collapse of FTX, the criminal charges against Bankman-Fried and the entire edifice of cryptocurrency, Faux accurately writes: “This is ... the greatest financial mania the world has ever seen.”if the FTX scam wasn’t just like Elizabeth Holmes’ hawking a fraudulent blood testing device under the Theranos name, rejected the thought.
He visits a vast metropolis of half-abandoned high-rises outside Phnom Penh, Cambodia, where human traffickers imprison thousands of people, injecting them with amphetamines or murdering resisters, forcing them to entice credulous victims around the world into fake romantic relationships via video chats, the goal being to steal their money via crypto investments.
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