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The dramatic rise and fall of Sam Bankman-Fried, the disgraced founding father of crypto trade FTX, is about to hit the silver display. As Apple Studios and A24 are reportedly co-developing and co-producing a function movie based mostly on Michael Lewis’ e book, Going Infinite: The Rise and Fall of a New Tycoon.
The e book, which chronicles Bankman-Fried’s meteoric ascent and subsequent downfall, was launched in October 2023, coinciding with the beginning of his high-profile felony trial in New York.
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Lena Dunham to Write the Screenplay
In response to a report from Variety, the undertaking remains to be in its early phases, with Lena Dunham, recognized for her work as each a director and actress, set to put in writing the screenplay.
The movie goals to delve into Bankman-Fried’s controversial journey, from the face of cryptocurrency innovation to a convicted fraudster.
Nevertheless, Lewis’ e book has confronted criticism for allegedly downplaying the influence of Sam Bankman-Fried’s actions on hundreds of thousands of traders who misplaced billions of {dollars} when FTX collapsed.
The e book additionally explores themes of “efficient altruism,” which reportedly influenced Bankman-Fried’s selections, together with the misuse of buyer funds.
Transfer In Improvement
Lena Dunham to put in writing the movie 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 trade and hedge fund FTX in addition to its… pic.twitter.com/bfXTpaYM6N
— Films Magic with Brian (@MMagicwithBrian) November 13, 2024
This isn’t the one manufacturing within the works centered on FTX. Fortune and Unrealistic Concepts, a manufacturing firm, are reportedly planning a undertaking specializing in Bankman-Fried’s contentious relationship with former Binance CEO Changpeng Zhao.
The FTX saga has been underneath intense scrutiny for the reason that trade filed for chapter on Nov. 11, 2022, setting off a wave of authorized actions and media protection.
Key figures within the scandal, together with Alameda Analysis CEO Caroline Ellison and former FTX Digital Markets co-CEO Ryan Salame, have already been sentenced to jail.
Nishad Singh, FTX’s former engineering director, obtained leniency after cooperating with prosecutors. In the meantime, co-founder Gary Wang awaits sentencing later this month.
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FTX Settles Lawsuit with Bybit
Final month, the FTX chapter property reached a $228 million settlement with the cryptocurrency trade Bybit to get better funds for repaying former FTX clients and collectors.
Below the phrases of the settlement, FTX will retrieve $175 million in digital belongings held by Bybit and a further $53 million in BIT tokens, which will likely be offered to Mirana Corp, Bybit’s funding arm.
FTX initially launched a $1 billion lawsuit towards Bybit and Mirana in late 2023, alleging that these entities used particular privileges and “VIP” entry to preemptively withdraw $327 million in digital belongings and money within the days main as much as FTX’s downfall.
Attorneys for FTX’s property argued that Bybit and Mirana obtained precedence withdrawal entry from FTX executives, doubtlessly influencing the property’s monetary losses throughout its collapse.
The FTX chapter property has set a purpose to start buyer repayments by the top of 2024.
The method, which features a Chapter 11 case, is being managed via two parallel chapter proceedings. It’s being overseen by a Delaware court docket within the US and the official liquidation of FTX Digital, its subsidiary based mostly within the Bahamas.
EXPLORE: Former FTX Digital Markets Co-CEO Ryan Salame Sentenced To 7.5 Years In Prison
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