Going Infinite by Michael Lewis Summary

Going Infinite chronicles the meteoric rise and catastrophic collapse of FTX, the cryptocurrency exchange founded by Sam Bankman-Fried (SBF). Michael Lewis delves into SBF’s unorthodox personality, FTX’s reckless financial practices, and the crypto market’s tulip-mania-like frenzy during the pandemic. The book exposes how customer funds were diverted to risky ventures, political donations, and luxury purchases, culminating in one of history’s largest financial frauds.

This book is ideal for readers interested in cryptocurrency, financial scandals, or Michael Lewis’s investigative journalism. Fans of The Big Short or Flash Boys will appreciate Lewis’s signature blend of narrative storytelling and financial analysis. It also appeals to those curious about corporate governance failures and the psychology of flawed visionaries.

Yes—Going Infinite offers a gripping, behind-the-scenes look at FTX’s implosion, though critics note Lewis’s occasional sympathy for SBF. The book’s strength lies in its vivid anecdotes (e.g., FTX’s missing funds, SBF’s emotionless demeanor) and its indictment of crypto’s unregulated Wild West culture. While hindsight biases exist, it remains a cautionary tale for modern finance.

• Governance failures: FTX lacked basic financial controls, with no CFO and recurring accounting errors.
• Personality cults: SBF’s social ineptitude and video-game mentality drove reckless decision-making.
• Crypto volatility: Lewis contrasts crypto’s pandemic-era hype with its 2022 crash, highlighting systemic risks.

• “Crypto trading is a Ponzi scheme”: SBF openly admitted this in interviews, underscoring his cynical approach.
• “His brain works differently”: Lewis frames SBF as a socially disconnected savant, though this portrayal drew criticism.

Like The Big Short, it dissects financial hubris, but focuses on modern crypto instead of subprime mortgages. Unlike Moneyball or The Blind Side, SBF lacks redemptive qualities—Lewis portrays him as a cautionary figure rather than an underdog. The book’s tone mirrors Flash Boys in critiquing systemic flaws.

Reviewers argue Lewis underestimates SBF’s culpability, downplaying early red flags like FTX’s missing $8 billion. Others note the narrative feels rushed compared to his prior works, with less depth on secondary characters. Critics also highlight Lewis’s access-driven bias, as he embedded with SBF during FTX’s collapse.

Crypto’s ongoing volatility and regulatory battles make FTX’s story a timeless case study. The book’s insights into influencer-driven investing and lax oversight remain pertinent, especially as AI and decentralized finance evolve.

SBF graduated from MIT, worked at Jane Street Capital, and founded Alameda Research—a crypto hedge fund—before launching FTX. Lewis depicts him as a math prodigy obsessed with utilitarianism and video games, traits that fueled his risk-tolerant mindset.

FTX secretly funneled $10+ billion in customer deposits to Alameda Research for speculative bets, political donations ($40 million to U.S. campaigns), and luxury real estate (e.g., $30 million Bahamian estates). These moves violated terms of service and led to fraud charges.

• Avoid cults of personality: Charismatic founders often mask operational chaos.
• Demand transparency: FTX’s lack of audited financials was a major red flag.
• Diversify portfolios: Overexposure to volatile assets like crypto carries existential risks.

Alameda borrowed billions from FTX customers to trade illiquid crypto tokens, creating a debt spiral. When crypto prices plunged in 2022, Alameda couldn’t repay loans, triggering a bank run and exposing the Ponzi-like structure.