SBF

A first-hand look at the extraordinary collapse of FTX, Alameda Research, and Sam Bankman-Fried

In SBF: How the FTX Bankruptcy Unwound Crypto’s Very Bad Good Guy, accomplished crypto reporter Brady Dale presents an engrossing take on the spectacular and sudden implosion of FTX, Alameda Research, and their associated companies, as well as the criminal indictments of Sam Bankman-Fried and several of his associates. In the book, you’ll go beyond the salacious details and tawdry gossip to grasp the real lessons to be learned from one of the most dramatic corporate failures in living memory.

The author explores:

• The often-confusing world of cryptocurrency and decentralized finance, offering a deep understanding of both industries
• The history of Sam Bankman-Fried, what smart money players had to say about him in 2019 and 2020, and why many decentralized finance professionals considered him a “pirate” even before FTX and Alameda blew up
• What the aggressive lobbying campaigns waged by FTX and Sam Bankman-Fried reveal about the latter’s motives and goals

An extraordinary account of almost unimaginable wealth, greed, and hubris, SBF is a can’t-miss account of a fascinating corporate tragedy that continues to unfold to this very day.

Prologue ix

Timeline xv

Chapter 1 I Want to Believe 1

Chapter 2 The Third Turn: CZ 5

Chapter 3 The Second Turn: Unstablecoin 11

Chapter 4 The First Turn: The Miami Conceit 19

Part I Acquire 23

Chapter 5 A Portrait of Sam 25

Chapter 6 Crypto 33

Chapter 7 The Asia Trade 41

Chapter 8 Early Alameda 49

Chapter 9 The ICO Era 55

Chapter 10 Crypto Winter 61

Chapter 11 The Exchange Business 67

Chapter 12 Select Heists 73

Chapter 13 Market Making 79

Chapter 14 Beginning FTX 87

Chapter 15 For that, this (FTT) 95

Chapter 16 Uniswap and Decentralized Exchanges 103

Chapter 17 DeFi One Billion 109

Chapter 18 Rationalist Line of Thinking 115

Chapter 19 Black Thursday 121

Chapter 20 Liquidity Mining 127

Chapter 21 DAO Is the Way 135

Chapter 22 The Vampire and the Unicorn 139

Chapter 23 The Fuckup and the Savior 147

Chapter 24 DeFi Summer 157

Chapter 25 CREAM Finance 161

Chapter 26 Solana 167

Chapter 27 Market Cap 173

Chapter 28 Sam Coins 177

Chapter 29 Effective Altruism 183

Chapter 30 Reef Finance 189

Part II Star Power 195

Chapter 31 Celebrity 197

Chapter 32 Crypto Bahamas 205

Chapter 33 Cult of Sam 213

Chapter 34 Looks Fucking Good 219

Chapter 35 Savior Complex 227

Chapter 36 Politics 235

Chapter 37 House of Representatives 241

Chapter 38 Senate 249

Chapter 39 About Securities 255

Chapter 40 Departures 261

Part III Infamy 265

Chapter 41 Mango Markets 267

Chapter 42 Nine Days in November 273

Chapter 43 Alameda and the ftt Shuffle 285

Chapter 44 New Boss, First Day 293

Chapter 45 A Flood of Pure SBF 299

Chapter 46 Arrest 305

Conclusion 313

Index 321

BRADY DALE is an experienced cryptocurrency reporter for Axios. He has covered the industry since 2015, including the initial coin offering boom of 2017, the growth of the decentralized finance sector starting in 2020, and the NFT boom of 2021. He is a co-writer of the Axios Crypto newsletter.

In SBF: How The FTX Bankruptcy Unwound Crypto’s Very Bad Good Guy, crypto reporting veteran Brady Dale delivers a fascinating treatment of the rise and fall of Sam Bankman-Fried and his companies, including the FTX crypto-currency exchange and Alameda Research. In the book, you’ll find more than a story of unimaginable wealth, greed, and fraud. You’ll discover the true lessons of the SBF story, gain a deep understanding of the oft-confusing world of crypto, explore the opportunities and challenges inherent in the industry, and—if you choose—get ready to profitably ride the next bull and bust cycle.

The author explores why Sam Bankman-Fried was considered by many to be such a talented trader, and how he built the early funds that allowed him to launch FTX in the wake of Alameda Research’s success. He also describes SBF’s first taste of public leadership in the form of the (very weird) story of SushiSwap and Uniswap.

You’ll find out about the decentralized finance industry, what it hopes to accomplish, and how SBF and his companies came to be seen as “pirates” in that space long before the foundations of FTX showed external signs of strain. Finally, you’ll examine what the aggressive political lobbying campaigns waged by FTX and Sam Bankman-Fried reveal about the character and motives that drove SBF.

An engrossing and timely exploration of one of the most spectacular crypto implosions in recent memory, SBF will earn a place on the bookshelves of anyone interested in how technology is changing society, as well as those following cryptocurrency investing and speculation. It’s an opportunity to learn from history before it inevitably repeats itself.

PRAISE FOR SBF

“An astonishing, detail-rich account of the strangest, most bizarre story in crypto (which is really saying something). A must-read for anyone hypnotized by the Sam Bankman-Fried saga from a veteran crypto journalist.”
—PJ VOGT, Reply All podcast and Weekly podcast

“As a crypto obsessive, I thought I already knew this story — but it turns out that was just the tip of the iceberg. Dale takes you inside the fraud in a way that’s both illuminating for people like me who work in the industry and approachable for outsiders. Next time someone asks me to explain what happened at FTX, I will simply refer them to this timely and in-depth account.”
—AARON LAMMER, Co-founder of Longform.org, host of the Exit Scam podcast

Bitcoin was born from the disaster of 2008’s financial crisis, and that led the world here. SBF: How The FTX Bankruptcy Unwound Crypto’s Very Bad Good Guy is a singularly insightful and of-the-moment discussion of one of the most spectacular corporate failures in recent memory: the bankruptcy of FTX and Alameda Research and the criminal indictments of several of its leaders, including Sam Bankman-Fried.