According to a report from the New York Post, the most despised person in the cryptocurrency world, Sam Bankman-Fried “SBF”, seems to be turning his crypto saga into a blockbuster with the assistance of a top writer who penned the nonfiction book that was turned into the Hollywood hit known as The Big Short, and a lot of people in the community are not happy about this.
American stockbroker Peter Schiff is one of these people. The financial guru said on Twitter that if SBF is going to be the source of the information for the movie, then it will be made up of falsehoods; indicating that the movie will not be “nonfiction”.
After that, he strongly suggested to the author, Michael Lewis, that he consult additional trustworthy sources in order to better understand what had truly taken place with FTX.
Michael Lewis could be working on a book about SBF
Lewis paid a visit to SBF at his parents’ mansion in Palo Alto, where he is presently under house arrest, and the two of them spent several hours together chatting, probably about the latter’s collapse, which has seen him go from being a 30-year-old millionaire to facing up to 115 years in jail in a matter of days.
According to the Post, outside the mansion, barriers that are staffed by private security guards wall off the residential street in order to keep inquisitive passersby away. This arrangement apparently costs Bankman Fried’s parents over $10,000 every week.
It was initially disclosed after FTX’s fall in November when the entertainment newsletter The Ankler released a message from Lewis’ publishing firm promoting the book to possible movie rights purchasers.
It is believed that Bankman-Fried’s work with Lewis has been underway for around six months, which was a long time before any financial irregularities were discovered. However, it was not made known until after FTX’s collapse.
According to reports, Lewis spent the six months leading up to SBF’s arrest on federal charges following the 30-year-old CEO about on his travels and conducting lengthy interviews with him.
According to The Ankler article, Lewis has not yet written anything, but his agency said in an email that the plot has grown to the point where they cannot wait any longer.
It is not apparent if Bankman-Fried would stand to profit financially if Lewis’ impending book on him were to be transformed into a movie like Big Short was.
Studios often do not need to pay anything in order to get life rights for prominent persons, particularly if they option a book of non-fiction with the purpose of adapting it.
Interestingly, Lewis gave an interview to Financial News in August, in which he outlined, in general terms, his forthcoming book on Bankman-Fried.
I really don’t want to reveal exactly what I’m writing about. But I found a character through whom I can write about — it weirdly links up Flash Boys, The Big Short, and Liar’s Poker. I guess it is possible it will be framed as a crypto book, but it won’t be a crypto book.
He elaborated by saying that the story would center on an out-of-the-ordinary protagonist. Lewis assured his audience that they would get a thorough understanding of cryptocurrencies, the flawed U.S. market structure, and other related topics.