Easy Money by Ben McKenzie & Jacob Silverman Summary

Easy Money investigates cryptocurrency’s rise and collapse, blending investigative journalism with firsthand accounts of key figures like Sam Bankman-Fried (SBF) and Alex Mashinsky. Authors Ben McKenzie and Jacob Silverman expose fraud, utopian promises, and reckless speculation, framing crypto as a modern financial bubble akin to past crises like subprime mortgages.

This book suits readers curious about cryptocurrency’s risks, true crime enthusiasts, and critics of speculative finance. It’s ideal for those seeking a layperson-friendly critique of crypto’s 2022 crash, with insights into figures like SBF and Celsius’s Alex Mashinsky.

Yes—for its gripping insider access to crypto’s downfall—but critics note its surface-level technical analysis. While praised for exposing fraud through interviews (e.g., pre-trial SBF), some argue it prioritizes narrative over depth, particularly regarding human impacts.

The book attributes crypto’s collapse to irresponsible speculation, fraudulent schemes (e.g., Tether), and inflated promises. McKenzie and Silverman compare it to the 2008 mortgage crisis, arguing crypto’s decentralized nature amplified risks for retail investors.

SBF emerges as a central figure, portrayed as a charismatic but flawed visionary. The authors critique his empire’s opacity, using his pre-indictment interviews to highlight contradictions between crypto’s utopian ideals and profit-driven realities.

McKenzie dismisses crypto as a “total scam,” arguing it enables fraud, environmental harm, and wealth extraction. The book critiques speculative trading, unregulated exchanges, and influencers like Matt Damon for normalizing risky investments.

Unlike The Big Short or Liar’s Poker, Easy Money focuses on crypto’s unique culture of “casino capitalism.” It blends memoir-style reporting with critiques of Silicon Valley’s role in fostering financial recklessness.

The authors warn against FOMO-driven investing and highlight red flags like opaque blockchain claims. They advocate skepticism toward “get-rich-quick” narratives and stress regulators’ failure to protect retail traders.

Published post-collapse, the book benefits from hindsight but underestimates crypto’s systemic impact. While SBF’s trial adds relevance, McKenzie’s prediction of a global crisis proved overstated.

Critics argue it prioritizes sensationalism over rigor, with excessive focus on the authors’ journey. The El Salvador chapter, for example, is cited as underdeveloped compared to deeper investigative works.

It explores Celsius Network’s collapse, Tether’s reserves controversy, and celebrity promotions. The authors contrast crypto’s libertarian ideals with its reliance on traditional banking systems.

They suggest crypto will persist as a niche for speculation but warn against its mainstream adoption without regulation. The epilogue reflects on post-crash rebranding efforts and ongoing legal battles.