The Collapse of SBF and FTX Turns into a Book!

Amazon and Apple took the first steps last year to film the collapse of FTX. Now, Michael Lewis, author of bestselling books like Big Short and Moneyball, reports that he is almost finished with his book on the collapse of SBF and FTX.

SBF and FTX’s book will be available on this date

The cryptocurrency market took the second hit in 2022, when FTX’s bankruptcy wiped out billions of dollars in investor funds. The stock market crash made the headlines for months, and SBF’s close relationship with Biden sparked various speculations.

This collapse, which most people are aware of, draws the attention of companies that focus on the TV series / movie industry such as Apple and Amazon. Reports in November showed companies eager to buy the copyrights to this story. In addition to these, it was also wondered what kind of story the famous writer Michael Lewis would come up with. He is known to have come into contact with former FTX CEO Sam Bankman-Fried (SBF).

In recent developments, Lewis, speaking at the Bitcoin 2023 conference in Miami on May 19, reported that he is almost finished with his book. However, he has not yet given a clear date for the highly anticipated book. The famous author wants to publish his book in October, when the FTX case begins.

Currently, a quick search on Amazon points to an estimated October 3rd for the book’s release date. The title of the book is “Forever: The Rise and Fall of a New Tycoon”.

The story of the collapse

In his statements at the Bitcoin 2023 conference yesterday, Michael Lewis did not want to share too many details about the book.

“If you didn’t know anything about crypto. If you don’t even know who Sam Bankman-Fried is. You might think, ‘This is just a made-up story’” were among the clues he gave. Lewis also shared that some Bitcoin remained in the crashed FTX.

How did FTX fail?

FTX declared bankruptcy on November 11, 2022, after an increase in customer withdrawals earlier in the month. The CEO at the time, Sam Bankman-Fried, admitted that the company did not have enough reserves to meet customer demand.

You can take a look at the statements made by Binance CEO CZ at that time, which we quoted as Kriptokoin.com.

FTX claimed it was hacked hours after filing for bankruptcy. The exchange recorded “unauthorized transactions” detected by Elliptic, which resulted in the loss of $500 million. The hacker continued to empty exchange wallets for several days. The hacker then reportedly deposited these funds in Ether (ETH). The FTX lawsuit, which began in October, was shelved after SBF paid $250 million bail.