The economic aftermath of the 2007-2008 financial crisis gave rise to cryptocurrency, a new form of digital asset that significantly revolutionized the financial landscape. Almost one and a half decades since the publication of Satoshi Nakamoto’s Bitcoin whitepaper, cryptocurrencies, despite being just data bytes on a blockchain backed by no physical entity or institution, have been accumulating massive value, perplexing many in its wake.
One of the avid exploiters of this digital monetary realm was Sam Bankman-Fried, the founder of FTX, a cryptocurrency exchange. Starting as a digital trader, Sam initiated the trading desk Alameda Research in 2017, which later led to the creation of FTX in May 2019. Despite his youthful and at times peculiar demeanour, he attracted massive investments and high-profile endorsements, including from celebrities like Tom Brady, Stephen Curry, Larry David, and Gisele Bündchen. FTX even managed to score naming rights to multiple sports stadiums.
However, the growth and success of FTX were short-lived. After the eruption of disputes over its business practices, FTX declared bankruptcy, and Bankman-Fried ended up in jail on federal fraud charges after his bail was revoked on allegations of witness tampering by U.S. District Judge Lewis Kaplan.
Renowned financial journalist Michael Lewis, celebrated for his works such as “Liar’s Poker,” “Moneyball,” and “The Big Short,” has taken on the task of elucidating on the rise and fall of Sam Bankman-Fried and FTX in his new book “Going Infinite: The Rise and Fall of a New Tycoon.” Lewis had the opportunity to get a firsthand account of the events as he spent months with Bankman-Fried before FTX’s fall, making the book even more anticipated among the finance community.
Grab a copy of “Going Infinite” to dive into the intricate story and implications of a young finance magnate playing with billions of dollars.
Jonathan Wolf, the author of “Your Debt-Free JD,” is a civil litigator and shares his personal views on being financially and scientifically literate in his works. To share your thoughts, reach out to Jonathan at his email address: jon_wolf@hotmail.com.