Biographer Michael Lewis has uncovered administration failures and the alarming disappearance of billions of {dollars} throughout the monetary empire of crypto tycoon Sam Bankman-Fried.
Sharing his findings on CBS’s 60 Minutes, Lewis, recognized for his investigations into Wall Street misconduct that unraveled the 2008 monetary disaster, delved into allegations surrounding FTX and an alleged plot to bribe Donald Trump into abandoning his presidential ambitions in 2024.
Bankman-Fried, who is about to face trial this week on fraud fees, has been accused by the Department of Justice of transferring buyer funds from the FTX trade to sister firm Alameda Research, utilizing them to finance his extravagant way of life.
Despite these accusations, Bankman-Fried has pleaded not responsible and appeared to downplay the severity of the scenario when questioned by Lewis.
According to Lewis, he confronted Bankman-Fried about his lack of know-how relating to the presence of $8 billion in buyer funds inside his non-public fund.
In response, Bankman-Fried referred to it as a mere “rounding error,” stating that at the time, the quantity felt inconsequential and he wasn’t even being attentive to it, as if they’d infinite funds at their disposal.
Lewis additionally supported the claims made by FTX’s new management, who took cost after the corporate filed for chapter on November 11.
They raised considerations about poor company governance throughout Bankman-Fried’s tenure.
“Even his best friends, inside the company said, ‘Sam is just not built to manage people,’” Lewis mentioned.
Bankman-Fried Considered Bribing Donald Trump Not to Run for Presidency
Lewis revealed that Bankman-Fried, previous to the collapse of FTX, even contemplated providing as much as $5 billion to Donald Trump to not run for one more presidential marketing campaign.
“Sam’s thinking, ‘We could pay Donald Trump not to run for president. Like, how much would it take?'” Lewis mentioned.
“He did get an answer. He was floated — there was a number that was kicking around. And the number that was kicking around when I was talking to Sam about this was $5 billion. Sam was not sure that number came directly from Trump.”
Lewis concluded by noting that Bankman-Fried genuinely believes in his innocence, describing FTX as a “great real business” that might have weathered the storm if not for the detrimental impression of unfavorable publicity resulting in a panic amongst depositors.
Just lately, the protection workforce representing Bankman-Fried requested for readability from the U.S. decide presiding over the case relating to particular arguments they’ll current through the trial.
Their purpose is to realize a greater understanding of their means to argue that FTX was not regulated within the United States, whereas acknowledging that FTX.US did adhere to relevant guidelines, in accordance with a Monday submitting.
Additionally, they’re looking for permission for the disgraced crypto boss to debate the potential for substantial recoveries by FTX collectors within the ongoing chapter case, in addition to the inclusion of his charitable giving and philanthropic actions within the trial.
Meanwhile, Bankman-Fried’s trial is slated to begin on Tuesday at 9:30 a.m. ET, with the collection of the jury.
Prosecutors have indicated that they anticipate this course of to conclude inside a day, suggesting that opening arguments might probably start as early as October 4.
