The dramatic rise and fall of Sam Bankman-Fried, the disgraced founder of crypto exchange FTX, is set to hit the silver screen. As Apple Studios and A24 are reportedly co-developing and co-producing a feature film based on Michael Lewis’ book, Going Infinite: The Rise and Fall of a New Tycoon.
The book, which chronicles Bankman-Fried’s meteoric ascent and subsequent downfall, was released in October 2023, coinciding with the start of his high-profile criminal trial in New York.
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Lena Dunham to Write the Screenplay
According to a report from Variety, the project is still in its early stages, with Lena Dunham, known for her work as both a director and actress, set to write the screenplay.
The film aims to delve into Bankman-Fried’s controversial journey, from the face of cryptocurrency innovation to a convicted fraudster.
However, Lewis’ book has faced criticism for allegedly downplaying the impact of Sam Bankman-Fried’s actions on millions of investors who lost billions of dollars when FTX collapsed.
The book also explores themes of “effective altruism,” which reportedly influenced Bankman-Fried’s decisions, including the misuse of customer funds.
Move In Development 📷
Lena Dunham to write the film adaptation of ‘Going Infinite: The Rise and Fall of a New Tycoon’ for Apple and A24.
Follows the spectacular ascension and equally spectacular implosion of the cryptocurrency exchange and hedge fund FTX as well as its… pic.twitter.com/bfXTpaYM6N
— Movies Magic with Brian (@MMagicwithBrian) November 13, 2024
This is not the only production in the works centered on FTX. Fortune and Unrealistic Ideas, a production company, are reportedly planning a project focusing on Bankman-Fried’s contentious relationship with former Binance CEO Changpeng Zhao.
The FTX saga has been under intense scrutiny since the exchange filed for bankruptcy on Nov. 11, 2022, setting off a wave of legal actions and media coverage.
Key figures in the scandal, including Alameda Research CEO Caroline Ellison and former FTX Digital Markets co-CEO Ryan Salame, have already been sentenced to prison.
Nishad Singh, FTX’s former engineering director, received leniency after cooperating with prosecutors. Meanwhile, co-founder Gary Wang awaits sentencing later this month.
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FTX Settles Lawsuit with Bybit
Last month, the FTX bankruptcy estate reached a $228 million settlement with the cryptocurrency exchange Bybit to recover funds for repaying former FTX customers and creditors.
Under the terms of the settlement, FTX will retrieve $175 million in digital assets held by Bybit and an additional $53 million in BIT tokens, which will be sold to Mirana Corp, Bybit’s investment arm.
FTX originally launched a $1 billion lawsuit against Bybit and Mirana in late 2023, alleging that these entities used special privileges and “VIP” access to preemptively withdraw $327 million in digital assets and cash in the days leading up to FTX’s downfall.
Attorneys for FTX’s estate argued that Bybit and Mirana received priority withdrawal access from FTX executives, potentially influencing the estate’s financial losses during its collapse.
The FTX bankruptcy estate has set a goal to begin customer repayments by the end of 2024.
The process, which includes a Chapter 11 case, is being managed through two parallel bankruptcy proceedings. It is being overseen by a Delaware court in the US and the official liquidation of FTX Digital, its subsidiary based in the Bahamas.
EXPLORE: Former FTX Digital Markets Co-CEO Ryan Salame Sentenced To 7.5 Years In Prison
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