Noted author Michael Lewis was buried under a Crypto Twitter pile-on after he highlighted FTX’s ability to generate cash in an interview with CBS’ 60 Minutes.

During the broadcast, Lewis sought to distinguish Sam Bankman-Fried’s collapsed crypto empire from the infamous operations of other convicted fraudsters, such as Bernie Madoff. 

“This isn’t a Ponzi scheme,” Lewis said. “The problem is, there’s no real business there. In this case, they actually had a great real business.”

FTX imploded last November, and Bankman-Fried’s criminal trial begins tomorrow. His high-profile case centers on seven fraud and conspiracy charges, which allege that FTX misappropriated billions of dollars in customer funds under his leadership.

Ponzi schemes involve nonexistent enterprises where investors are paid out in cash that comes from new participants. Though FTX became one of crypto’s largest exchanges, federal prosecutors have called its short-lived legacy into question. 

When criminal charges were brought against Bankman-Fried last December, prosecutors said that his misconduct could be traced back to 2019. That was the year FTX was founded, and it precedes

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Author: André Beganski

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