Former FTX CEO Bankman-Fried considered $5B offer to prevent Donald Trump presidential run Former FTX CEO Bankman-Fried considered $5B offer to prevent Donald Trump presidential run
Michael Lewis described SBF as a gambler who struck a goldmine by creating his cryptocurrency exchange.
2 min read
Updated: Oct. 2, 2023 at 10:16 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Former FTX CEO Sam Bankman-Fried (SBF) considered paying Donald Trump $5 billion to dissuade him from running for president, according to Michael Lewis, an author writing a book on the disgraced founder.
“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.”
According to Lewis, SBF considered the payment because he thought Trump posed an existential risk to U.S. democracy and was only held back by the subsequent collapse of his firm and thoughts of whether such payments were legal.
Lewis revealed this in a 60-minute interview with CBS that aired on Oct. 1.
Describes SBF as a gambler
Beyond that, Lewis said SBF is a gambler who struck a goldmine by creating his cryptocurrency exchange.
According to Lewis, SBF realized that “all the crypto exchanges are screwed up in one way or another. There are dozens of these places where you can trade crypto, but they areโ they’re not structured for a professional trader. The technology is bad. They’ll lose their customers’ money. It’s the wild west.”
“He started as a gambler and he realized that, you know, building the better casino was actually gonna be more valuable.”
Going Infinite: The rise and fall of a New Tycoon
The book, “Going Infinite: The Rise and Fall of a New Tycoon,” will be launched on Tuesday, Oct. 3. The book’s launch comes on a day when the embattled CEO’s trial is scheduled to begin with a Jury selection.
Speaking about the book, Lewis described it as a “kind of letter to the jury.” According to him, his story is better than the other stories from the counsels of the prosecutors and the defendant.
Meanwhile, CBS describes Michael Lewis as a writer who focuses on jump-off-the-page characters and uses them to tell complicated stories. While preparing the book, Lewis gained unlimited access to SBF with his numerous visits to the Bahamas.
The charges against SBF could cause him several years in prison if found guilty. However, how the book’s content may affect the court trial scheduled to begin this week remains unknown.
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Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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FTX
FTX is a defunct cryptocurrency exchange, currently in bankruptcy proceedings, that was founded by Sam Bankman-Fried and Zixiao “Gary” Wang in May 2019.
Sam Bankman-Fried is the former CEO, and co-founder of defunct crypto exchange FTX and Alameda Research.
A businessman, politician, and media personality, Donald John Trump served as the 45th president of the United States from 2017 to 2021.