Sam Bankman-Fried, the founder of the ceased cryptocurrency exchange FTX, is already known to be more than familiar with bold moves. However, a biography launching today, written by Michael Lewis, demonstrates further.
The book ‘Going Infinite: The Rise and Fall of a New Tycoon’ — which The Times of London had an early sneak peek into — highlights an impactful meeting in 2021 between Bankman-Fried and the Prime Minister of the Bahamas, Philip Davis. FTX’s relocation moves the same year from Hong Kong to the Bahamas set the stage for this alliance.
Bahamas became an appealing choice for Bankman-Fried, given the nation’s crypto-industry regulatory framework compared to China’s stand against crypto-based operations. The FTX proprietor was said to ponder paying off the nation’s national debt, amounting to approximately $11.8 billion, as per IMF data. The core purpose of the financial aid was to advance the Bahamas’ infrastructure, like school constructions and road repairs, to facilitate FTX’s integration in the country.
Other Risky Financial Endeavors
Bankman-Fried’s mighty financial being tempted him to empower other challenging pursuits. Lewis shares another instance whereby the former FTX CEO debated paying Donald Trump $5 billion to deter him from entering the presidential race in 2024.
Moreover, other significant investments, like his whopping $256.3 million real estate acquirement, funneled money into the Bahamian economy. As did his private jet firm in Nassau.
Through ‘Going Infinite’, it’s time to delve into the portrayal of a risky individual who sent shockwaves throughout the crypto landscape through fearless approaches to financial endeavors.