Michael Lewis's 'Robin Hood' on eve of Sam Bankman-Fried trial

Michael Lewis's 'Robin Hood' on eve of Sam Bankman-Fried trial

Nearly a year on from the collapse of crypto exchange FTX - and on the eve of co-founder Sam Bankman-Fried's trial - author Michael Lewis has enraged those in finance and crypto alike.

He painted a portrait of Sam Bankman-Fried. In an interview with CBS's 60 Minutes on Sunday, the author said Bankman-Fried out to be an unfortunate Robin Hood who stumbled into the multi-billion-dollar collapse of FTX last year.

But Lewis said he was running on customer deposits and that they would still be sitting there making tons of money. She added that Sam Bankman-Fried, who pleaded not guilty to the charges, genuinely thinks he's innocent.

Lewis has chronicled Wall Street characters in s Poker and his latest book, The Wall Street Story.

The reaction from the interview'really shows that when it comes to FTX, crypto and traditional finance are really aligned,' Sean Tuffy, a regulation expert and former Citigroup executive, told DL News.

''T a fraud and was just undone by market rumours,'' Tuffy said, referring to Lewis comments that FTX was a good business, ultimately undoned by a run on deposits.

Short sale manager Jim Chanos compared the comments to those of Enron, the energy company that he sounded the alarm of fraud on more than twenty years ago.

T for those meddling short-sellers and journalists causing a run-on-the-bank, we would've been fine,' Chanos wrote on Twitter, making light of the argument.

Insolvency means a company's total debt exceeds its full assets, while illiquidity refers to a company that does not have enough liquid assets to cover its current debts.

Crypto natives know they can speak fluently about cryptocurrencies. He was branded by Mike Dudas, the founder of The Block, as 'insane', while Messari's Ryan Selkis said he was infuriated by the interview.

The book is a letter to the jury, Lewis said, before adding that there's going to be a'story war going on in the courtroom' between the prosecution and the defence.

Lewis said he was not happy with the decision to take the job.

Lewis met Sam Bankman-Fried two years ago in the behest of a friend who wanted to invest with him - he took him on a hike in Berkeley Hills California - his jaw was on the floor the entire time.

The newly minted billionaire surprised Lewis, he had no interest in splurging his money on yachts, he wanted to'spend it to save humanity from extinction'.

The conversation put him on a Red Alert, he didn't know what it was, but he knew something was going to happen to Sam Bankman-Friend. He did just that, following him around for the next two years, which culminated in the multi-billion dollar collapse of FTX and its trading arm Alameda Research last November.

Lewis's book will be published on October 3 in the same day Sam Bankman-Fried's trial will begin.

The one-time Wall Street trader and founder's charges include securities fraud, wire fraud and money laundering.

The London-based Markets Correspondent DL News, Adam Morgan McCarthy, is based on the news network's London headquarters.