Highly Anticipated Trial of FTX Founder Sam Bankman-Fried Begins Tomorrow
Date: 2023-10-02 Author: Dima Zakharov Categories: BUSINESS
The long-awaited trial of Sam Bankman-Fried, the founder of the bankrupt FTX exchange, is set to commence on October 3, 2023. Concurrently, bestselling author Michael Lewis is releasing a book titled "Going Infinite," in which he provides a detailed account of the alleged fraudster's career.
Lewis revealed that he initially knew nothing about the crypto entrepreneur and was astonished by Bankman-Fried's rapid accumulation of wealth. According to the writer, the businessman transformed from an ordinary guy into one of the wealthiest individuals globally within a couple of years.
"He realized he owned a casino," said Lewis. During their first meeting, the author realized that Bankman-Fried's primary goal was not material wealth but rather maximizing his earnings to support altruistic beliefs. According to the author, the businessman was consumed by a social movement aimed at combating global threats, such as the development of artificial intelligence, the COVID-19 pandemic, and the undermining of democracy.
"I had to assess his character. About 18 months before this, he had nothing. Now, he had $22.5 billion in his accounts and became the world's wealthiest person under 30," stated Lewis. The author revealed that Bankman-Fried even explored the possibility of financially incentivizing Donald Trump. He wanted the Republican not to run for president in 2024 and was willing to offer him $5 billion for it.
Lewis asked Bankman-Fried how he could not know that $8 billion of user funds were held in Alameda Research's accounts, not FTX. The entrepreneur admitted, "It was a mistake. There was a feeling that we had an infinite amount of dollars there, and I didn't even think about it."
"He genuinely believes he is innocent," concluded Lewis.
When the FTX exchange collapsed, Lewis visited Bankman-Fried in the Bahamas. Shortly after, the entrepreneur was arrested and extradited to New York. He faces seven charges, including fraud involving electronic funds, conspiracy to commit securities fraud, and money laundering.
