When the mission of "changing the world" is detached from ethical constraints, and when technological elites believe they can transcend the rules, idealism becomes a cover for crime.
Written by: Blockchain Knight
The popularity of crypto is a resonance of technological revolution, financial demand, and social psychology, while the "phoenix" phenomenon after the crash reveals humanity's eternal desire for financial freedom and distrust of authority.
Regardless of what the future holds, it has profoundly changed the narrative logic of finance, technology, and culture—just as the internet bubble left behind Amazon and Google, the legacy of crypto may not lie in coin prices, but in its forcing the world to rethink the boundaries of currency, trust, and power.
The rise and fall of crypto heavyweight Sam Bankman-Fried (SBF) is one of the most dramatic cases in business history. His story not only reveals the wildness and risks of the crypto industry but also provides profound warnings and insights for entrepreneurs and managers.
Sam is one of the most contradictory tragic figures in crypto history. He possesses the mathematical mind of a genius quantitative trader and the grand narrative of an idealist, yet he became completely corrupted in the expansion of power.
On the surface, he is a devout believer in "effective altruism"—promising to use 99% of his wealth for public welfare, living in a modest apartment, driving a used Toyota, and shaping an anti-capitalist saint image; but behind the scenes, he built a systematic fraud machine: misappropriating $16 billion of customer funds from the FTX exchange through related transactions to fund high-risk bets for his hedge fund Alameda Research, and falsifying accounts to cover up billions in debt.
This disconnection reveals a deeper human fable: when the mission of "changing the world" is detached from ethical constraints, and when technological elites believe they can transcend the rules, idealism becomes a cover for crime.
The seven felony convictions in a New York court (with a maximum sentence of 115 years) announced the collapse of his "crypto savior" persona, but his legacy far exceeds his personal fate—he is the ultimate symbol of the wild era of blockchain, encapsulating the industry's resistance to regulation, indifference to risk, collective obsession with the "get rich quick" philosophy, and the irreconcilable conflict between technological utopia and human greed.
But SBF's story is far from over; his criminal appeal, the $13 billion user compensation lawsuit, and the U.S. Department of Justice's investigation into crypto political donations are still ongoing. Yet he has left humanity with a digital-age "Faust" fable: when technological geniuses believe they can reinvent the rules, when the creed of "move fast and break things" crosses ethical boundaries, destruction becomes inevitable.
On the ruins of FTX, the crypto industry is forced to transition from adolescence to adulthood, with surviving projects learning to find a balance between transparency and innovation, decentralization and real responsibility. For the entire technological civilization, SBF's fall momentarily reminds us: algorithms can optimize the world, but only reverence can safeguard humanity.
Bestselling author Michael Lewis, after "Liar's Poker" and "The Big Short," once again immerses himself in the scene, uncovering the "insider" details of the FTX incident through in-depth exploration and understanding, combined with his expertise and keen thinking. Michael Lewis's work not only tells a story but reveals the truth behind one of the most sensational and dramatic fintech events in recent years.
"Going Infinite: The Rise and Fall of a Crypto Empire"
Author: Michael Lewis
Currently, FTX has begun compensating some users for their assets, and the release of the Chinese version of "Going Infinite" comes at a timely moment. In 2025, as the world seeks breakthroughs and international trading rules continue to change, with the momentum of "stablecoins" gradually rising, Michael Lewis's in-depth analysis of the rise and fall of the crypto empire FTX is not only a dissection of a business myth but also a lens reflecting the technological frenzy and human weaknesses, forcing the world to rethink the boundaries of currency, trust, and power.
The extreme charisma of "genius / madman / con artist":
Sam Bankman-Fried is an MIT genius, an effective altruism spokesperson, a billionaire, and now a prisoner. He dislikes money and women but craves the sense of achievement from winning games; he made money serve humanity better, building a large crypto empire that ultimately collapsed (bankrupt within 72 hours), leading to his imprisonment.
Sam is a top-level intellect, full of contradictions, and no one can truly understand his thoughts, creating a myth of immense wealth that continues to influence today.
An exclusive insider perspective, a "beginner's" deep interpretation of the crypto world:
Lewis is not a post-event reporter; he is a firsthand witness before the storm! He gained incredible access, delving into SBF's inner circle months before the collapse of FTX, conducting long-term close observations and interviews. This is a "God's eye view" that no other related reports can compare to, providing the closest insider information to the first scene.
Lewis excels at presenting complex financial concepts and technical issues in a vivid, understandable, and story-filled manner. This book allows readers who are not well-versed in crypto to understand the gameplay, risks, and human nature involved in this game.
Super hot events + profound contemporary issues and reflections:
In recent years, the collapse of the FTX empire and the fall of SBF have been the most sensational and dramatic fintech events globally. This book goes beyond financial gossip, touching on a series of profound contemporary issues such as technological ethics, the dilemmas of idealism, regulatory gaps, trust mechanisms, human greed, and arrogance, sparking widespread social discussion. In the face of wealth, ideals, rules, and temptation, the brilliance and weaknesses of human nature are vividly displayed.
The global popularity and continued pursuit of crypto are the results of the interplay of technology, economy, social psychology, and speculative demand. Even after multiple crashes (such as FTX, LUNA, Mt. Gox, etc.), some still hold faith in it. Each crisis has seen new concepts reignite market enthusiasm, in a historical cycle of "winter - recovery."
The rules of crypto are an experiment in "trust without trust," and their effectiveness depends on how they are used. The measure of technological progress ultimately lies in whether it benefits the majority rather than enriching a few. Just as the telegraph was once used for stock market manipulation and the early internet was rife with scams, crypto may need a "reconstruction" to return to rational value.
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