Wed. Jul 24th, 2024

FTX bankruptcy: Sam Bankman-Fried, cryptocurrency’s Gatsby

By triji May 21, 2024

The most notorious con artists. The head of the FTX platform, who was formerly known as the “little prince” of Stanford, will be sentenced to twenty-five years in jail for responsible for the loss of around ten billion dollars to his customers.

Following the success of his film adaptation of his global bestseller, The Big Short, which was about the subprime mortgage crisis, American writer Michael Lewis attempts to tackle another issue that shook the world of finance with his film Going Infinite. At this point, the issue at hand is not one of dealing in shady real estate loans; rather, it is one of trading in cryptocurrency.

As well as on a massive scale. It is estimated that Sam Bankman-Fried, also known as “SBF,” the founder and boss of the FTX platform, was responsible for the loss of around ten billion dollars for his clients.

The ex-little prince of Stanford, who was named by Time magazine in 2022 as one of the 100 most influential persons in the world, was sentenced to twenty-five years in prison on March 28, following a spectacular trial that lasted for five weeks. His parents both profess to be students at Stanford.

In the year 2021, Michael Lewis came into contact with him. The hirsute young guy, who had not yet reached the age of thirty, was at the pinnacle of his successes at that time. That year, he was responsible for a significant amount of money being taken from the platform by means of his malformed shorts and drooping socks. In addition, he disclosed to the journalist who had come to pay him a visit that he would be prepared to sell his start-up company for… 150 billion dollars.

There is no personal growth or development

Michael Lewis opens up about the fact that he fell into the trap, despite the fact that SBF’s claims are extremely significant. It was on that day that the guy appeared to her as a complete genius who was able to provide answers to any question. accompanied by the additional benefit of a facade of intellectualism and a demonstrated disdain for financial gain.

The friend who had persuaded him to examine this individual in order to determine whether or not he could invest in his company received a response from him that read, “Go ahead, go for it!”

To put it simply, the issue with SBF is that it ended up happening much too quickly. Without a shadow of a doubt, he believed what he made.

At the end of the year 2022, to the point where it could result in one of the most thunderous bankruptcies in the history of the financial industry. Michael Lewis conducts his counter-investigation into the Gatsby of cryptos and his system over the course of around 10 chapters that are organized in the same manner as episodes of a series.

SBF lied to his customers and deceived them in a flagrant manner, just like a good crook. Nevertheless, a peculiar crook in spite of the fact that there is no personal benefit involved in this affair: the CEO of FTX invested all of his illegal gains in shares of his own firm.

Going Infinite discovers the secret behind the SBF.

Due to the fact that the courts have requested that the young man restore more than ten billion dollars to his former clients, the child is now more than irreparably damaged. That this verdict would be “difficult to apply” was something that the magistrates readily acknowledged.

The erstwhile king of cryptos made the decision to appeal his conviction, despite the fact that he was judged to be far more fortunate than Bernard Madoff, who was given a sentence of 150 years in prison.

Are you a megalomaniac? Autism spectrum disease (ASD) sufferer? Have a craving for power? Or anarchist? It is possible to find the answer in Going Infinite, which provides a comprehensive account of “the rise and fall of the cryptocurrency tycoon.” In any event, the latter was able to withstand the incident reasonably well.–BekYy7wT9ylQmyo_SGFYOtci2yOC6sy0ocrs


By triji

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