Author Michael Lewis spent countless hours with FTX founder and alleged fraudster Sam Bankman-Fried. He details the cryptocurrency wunderkind's rise and fall in his new book, 'Going Infinite.'
's trial begins on Tuesday. The former cryptocurrency superstar is facing federal fraud charges, and a book detailing the alleged fraudster's rise and fall is set to be published the same day. had all-hours access to Bankman-Fried and met him more than 100 times over two years.
"All I knew was I was supposed to evaluate his character. And that 18 months earlier, he had nothing. Now he had $22.5 billion and was the richest person in the world under 30," Lewis told 60 Minutes.When they first met, Lewis says he learned that Bankman-Fried didn't care much about the trappings of wealth; he was committed to making as much money as possible so that he could give it away as efficiently as possible, all in the service of a social movement: effective altruism.
Lewis noted that Bankman-Fried avoided hiring"grownups" at FTX and felt that anyone over the age of 45 was useless, but that if ever there were a corporate leader in need of adult input to manage 400 employees, it was Bankman-Fried. The author explained that even Bankman-Fried's closest colleagues thought he was a horrible manager.
In large part, the money wasn't there because investors' funds intended for FTX wound up in Bankman-Fried's Alameda Research to the tune of more than $8 billion. Lewis told 60 Minutes he does not believe Bankman-Fried knowingly stole customers' money, and explained that in the early days of FTX, the company couldn't get a bank account, so customer funds were sent to Alameda Research, which could get a bank account. Those funds were never transferred over to FTX.
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
The Star Witness at Sam Bankman-Fried’s Trial: His Top Deputy and Ex-GirlfriendCaroline Ellison’s testimony has the potential to be particularly personal and raw
Weiterlesen »
As trial looms, Sam Bankman-Fried’s own words may pose his biggest riskThe founder of FTX is accused of bilking customers and investors out of billions of dollars in the 2022 collapse of his cryptocurrency empire.
Weiterlesen »
Trial of former FTX head Sam Bankman-Fried set to begin TuesdayBankman-Fried, who once promoted himself as the ethical face of cryptocurrencies, faces multiple fraud and money laundering charges.
Weiterlesen »
Will upcoming trial final let crypto forget Sam Bankman-Fried?With SBF's trial about to start, The Block had a few questions we assume you might share. We did our best to answer them.
Weiterlesen »
Sam Bankman-Fried opposes Ukraine FTX victim testifying remotely, lawyers tell trial judgeThe former FTX CEO's criminal trial is due to begin on Tuesday.
Weiterlesen »