Once upon a time, there were two titans of the crypto industry: Sam Bankman-Fried, the child of Stanford professors and founder of FTX, and Changpeng Zhao, the nomadic founder of Binance. The pair were the faces of crypto, generating billion-dollar fortunes comparable to the likes of Elon Musk and Bill Gates. That is, until their rivalry threatened to burn the entire industry to the ground.
For years, the pair had waged a cold war as Sam fought to unseat Zhao, or CZ, and dominate the industry. Then, last year, CZ fired a warning shot: one that would send FTX into a downward spiral, and reveal what prosecutors describe as a staggering $8bn fraud at the heart of Sam’s empire. Now, as Sam potentially faces decades in prison, journalist Tom Wright has been investigating the hidden origins of his feud with CZ – starting with a key witness: CZ himself.
Sam spends hundreds of millions to buy name recognition and political influence for FTX in the U.S. — and suddenly his upstart crypto exchange is everywhere, from the Miami Heat’s arena to the halls of Congress. Football stars, models, and TV personalities endorse the FTX brand. It’s part of Sam’s plan to pitch himself as the squeaky-clean face of American crypto, in contrast to the Chinese-Canadian CZ, whom Sam paints as a foreign spy. But Sam’s got a secret.
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