Sam Bankman-Fried, founder of FTX, accused of a historic financial fraud, allegedly considered paying Donald Trump $5 billion to abstain from the 2024 presidential race. This revelation comes from author Michael Lewis during his “60 Minutes” interview, promoting his new book, “Going Infinite,” that chronicles the rise and fall of Bankman-Fried.
The entrepreneur’s fortunes took a hit in November 2022 when his crypto empire collapsed. He’s now facing charges of wire fraud and money laundering. Lewis points out, however, that unlike traditional financial crimes, FTX was a legitimate business with vast earning potential.
Bankman-Fried is accused of diverting customer funds for personal luxuries and to offset losses at his hedge fund, Alameda Research. Lewis explains that Alameda managed customer deposits due to FTX’s early banking challenges, amassing $8 billion.
Despite facing serious charges, Lewis distinguishes Bankman-Fried’s situation from that of Theranos founder Elizabeth Holmes, emphasizing the different implications of their respective controversies. The forthcoming trial promises to be a focal point, underscoring the balance between innovation and oversight in the crypto realm.
Information for this briefing was found via 60 Minutes and the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.