As the crypto industry continues to suffer from the FTX downfall, Hollywood is excited to have some high-profile content for its biggest screens. Several movies, books, and TV shows are currently in production to bring FTX’s demise to the big (and small) screen.
The news surrounding the implosion of FTX caught several industry players off-guard. It was viewed as amongst the notable, established crypto firms in the industry. And, its founder one of the cryptosphere’s media darlings. It is indeed wise to document these events to provide insights into what led to this unfortunate incident, that has hampered the progress achieved in the industry up to now.
There have been several tabloid and broadsheet articles on what unfolded during these events. And, books will be coming thick and fast. But, perhaps it’s fitting that we begin with the glitz and glamour of Hollwood. Crypto Lists explores.
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Sam Bankman Fried Under the Spotlight For FTX
There is a heavy legal cloud hanging over Sam Bankman Fried (SBF), the disgraced founder and former CEO of digital currency exchange platform FTX. And, clouds also hover over his close accomplices, Caroline Ellison and Gary Wang – accused of defrauding investors of billions of dollars. All of this has created a juicy plot for movies, TV series, and documentaries. The three are the top players in the whole saga, accused of siphoning funds through FTX’s sister company Alameda Research and arrogantly using the cash to enjoy a luxurious lifestyle at the expense of their trusted investors.
When the news came to the limelight, FTX’s FTT Token crashed nearly 80% within a 24hr time frame, creating colossal losses for the firm, its affiliates, and the unknowing investors. The saga included names of celebrities like Justin Beiber, Naomi Osaka, Larry David, Tom Brady, and Stephen Curry. They have been accused of promoting unregistered securities and now could face Class A action suits filed against them. All these shocking revelations alongside many more daily developments about the inside dealings of FTX, now looks like a well-choreographed Ponzi scheme. It certainly fits the criteria of a thrilling plotline, and major Hollywood production companies are scrambling for a piece of the pie.
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Michael Lewis’ Book Deal
American author and financial journalist, Michael Lewis, who had spent almost six months with SBF leading up to the crumble of FTX has been recently bidding film and TV rights to his well-timed forthcoming book detailing the inside operations of the whole saga. Companies including Amazon, Hulu, and Netflix have rushed to secure the top spot on the story pivoting on SBF’s downfall. Reliable sources have confirmed that streaming service Apple TV Plus is working on closing a seven-figure deal with the author for the adaptation of the book into a feature film.
Michael Lewis has other adaptations that have garnered massive success, such as ‘The Big Short’ (2015) and ‘Moneyball’ (2011), both featuring Brad Pitt. The book promises details on how SBF was cockily involved in reputation laundering while likely securing political protection through his massive donations to the US Democratic party.
New York Magazine Deal
‘The Imitation Game’ writer Graham Moore is working on an adaptation of a New York Magazine article covering the FTX meltdown. He plans on writing and directing the film together with top Hollywood producer Scoop Wasserstein. The SBF fraud scheme has turned out as one of the largest financial scoops since the Gamestop Saga and WallStreetBets during the Covid-19 pandemic.
New York Times Investigation
Another project in development detailing the misdeeds of SBF and his accomplices involves Scott Burns and Jonathan Glickman from Panoramic Media in partnership with New York Times writer Andrew Ross Sorkin who interviewed SBF after the collapse of the exchange platform and its native token FTT. Sorkin has been intimately covering the shocking FTX revelations and how SBF exploited the entertainment, sports, and political spaces for personal gain.
Documentary Projects
According to Deadline Magazine, several documentaries about FTX and SBF are up for production. A yet-untitled project is expected from the premium non-fiction studio, XTR, in collaboration with David Darg, who has been in SBF’s Bahamas home base securing exclusive information from FTX’s inner circle and associates. David Darg is famed for ‘Body Team 12’ and ‘You Cannot Kill David Arquette’. Another much-anticipated documentary is SBF and The End of Silicon Valley from journalist outlets Vice media and The Information.
The project is due in Q2 of 2023 and will highlight inefficiencies in FTX ranging from leadership incompetence, the role of VCs, and SBF’s infatuation with ‘Effective Altruism’. According to The Hollywood Reporter, business journalist and founder of The Information, Jessica Lessin, “This story marks the end of an era in Silicon Valley. A new Dark Age is coming”.
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