In a startling revelation, the founder of popular cryptocurrency exchange FTX had considered offering $5 billion to former United States president Donald Trump to dissuade him from re-running, as stated by Michael Lewis, the author of a book chronicling the rise and fall of the founder, Sam Bankman-Fried.
The revelation, found in “Going Infinite: The Rise and Fall of a New Tycoon,” seems shocking and unusual, though Lewis points out that it’s not, if you were acquainted with Bankman-Fried. The former CEO had been contemplating the legality of the idea, but the plan fell apart when FTX faced a financial crunch, wiping out the hefty $5 billion amount needed to buy Trump’s potential political retirement.
The assertions by Lewis paint an image of a powerful businessman ready to take dramatic measures against what he perceived as a threat to democracy. Bankman-Fried viewed Trump’s potential return as an existential risk. Interestingly, Lewis and Bankman-Fried spent over 70 days together in the Bahamas in a dozen visits in 2022, suggesting a close relationship between the two.
Now, the high-profile Bankman-Fried trial on fraud charges kicks off on Oct. 3, set to be one of the most-watched events in the crypto realm. This consists of seven cases including two substantive charges with five conspiracy-related. The prosecution aims to convince the jury that Bankman-Fried committed these offenses, setting the stage for a potentially sensitive legal battle.
The wide-ranging charges against Bankman-Fried come amidst crisis in the crypto industry, with the sudden collapse of FTX in November 2022 being a significant blow. Aftereffects are described as the aftermath of Pompeii, with people leaving in haste, leaving personal belongings and company cars behind.
While the growth of cryptocurrencies has seen widespread enthusiasm among investors and stakeholders, events like these underscore the volatility and unpredictability of the industry. The idea of a major figure offering billions to sway a political decision underlines the level of fear, uncertainty, and power concentrated in certain individuals. As the trial approaches, the crypto community awaits the outcome, with its repercussions potentially rippling across the digital currency landscape.
Meanwhile, the broader crypto landscape remains a blur with regulatory and security issues looming. Yet, the potential, lure and intrigue of digital currencies continue to drive major speculations worldwide. As we tread into these uncharted territories, it will be critical to strike a balance between fostering innovation while safeguarding interests of all stakeholders.
Source: Cointelegraph
