ChainCatcher news, according to CoinDesk, Michael Lewis in his new book about SBF, Going Infinite, states that since the establishment of Alameda Research in 2017, the 26-year-old SBF raised nearly $170 million from the "effective altruism" community. SBF invested this money in the cryptocurrency market, losing millions of dollars in the first few months, with one month seeing losses exceeding $500,000 per day, while some trading funds simply disappeared due to poor fund management.Additionally, SBF used a bot program called Modelbot to trade nearly 500 tokens across about 30 exchanges, but the program did not differentiate between highly liquid cryptocurrencies like Bitcoin and Ethereum and low-volume meme coins, raising concerns among early Alameda employees. The situation only began to improve after Gary Wang and Nishad Singh joined the company, with reports suggesting that Wang wrote a quantitative trading system that eventually started making money for Alameda, while Singh integrated various parts to manage the company.

ChainCatcher news, Michael Lewis, the author of "The Big Short," revealed in his new book "Going Infinite" that FTX founder Sam Bankman-Fried (SBF) proposed a collaboration to Binance founder Changpeng Zhao in early 2019, hoping to introduce the cryptocurrency futures trading platform technology developed by his team to Binance for $40 million. In this proposal, Alameda Research was responsible for providing technical support, while Binance would bring in customers and market trust.After careful consideration, Zhao decided to reject SBF's proposal and chose to develop a futures trading platform independently. As a result, SBF turned to independent development, intending to build a futures trading platform that could cater not only to the cryptocurrency community but also to large professional trading firms like Jane Street. FTX initially issued 350 million FTT tokens, some offered to employees at $0.05 and others at $0.10 to key figures in the cryptocurrency space, including Zhao. Although Zhao and most FTX employees chose to decline, the strong buying demand from external investors prompted SBF to raise the token price, first from $0.20 to $0.70. On July 29, 2019, FTT was listed on FTX with an opening price of $1, which later rose to $1.50. A few weeks later, Zhao contacted SBF, proposing to buy 20% of FTX for $80 million.

ChainCatcher news, according to CoinDesk, based on Michael Lewis's new book about SBF, "Going Infinite," crypto market maker Jump Trading lost nearly $300 million in the FTX collapse. The book cites documents discovered by FTX's former COO Constance Wang, stating that Jump Trading lost $206 million, while its affiliated trading company Tai Mo Shan Ltd lost over $75 million.

ChainCatcher news, Michael Lewis, the author of "The Big Short," is set to publish a new book about SBF titled "Going Infinite: The Rise and Fall of a New Tycoon." In a recent interview on CBS's "60 Minutes," he stated, "Their (SBF and FTX) business was indeed great; if no one had defamed the company and if there hadn't been a run on customer deposits, they would still be making money." This statement has sparked widespread criticism in the crypto community and has been dubbed the "Meme of the Day."

ChainCatcher news, according to The Ankler, Michael Lewis's new book about SBF, Going Infinite: The Rise and Fall of a New Tycoon, is set to be published on October 3. Multiple sources have revealed that Apple acquired the rights to the book for $5 million.