Number Go Up by Zeke Faux Summary

1. Sam Bankman-Fried’s Bahamas penthouse symbolized crypto’s detached leadership culture.
2. Axie Infinity’s pay-to-earn model exploited Filipino gamers through algorithmic poverty traps.
3. El Salvador’s Bitcoin gamble exposed crypto’s risks as a national economic strategy.
4. “ApeFest” luxury parties revealed crypto’s celebrity-driven hype over substance.
5. Cambodian crypto scams funded human trafficking rings with untraceable transactions.
6. FTX’s collapse proved blockchain’s “trustless” systems amplified fraud instead of preventing it.
7. Celebrities like Snoop Dogg became unwitting promoters of speculative NFT schemes.
8. Zeke Faux’s global investigation uncovered crypto’s link to offshore tax evasion hubs.
9. “Number go up” mentality prioritized artificial price pumps over real-world utility.
10. Crypto’s “decentralization” myth hid concentrated power among venture capital insiders.
11. Pig butchering scams used romance lures to drain victims’ life savings via crypto.
12. Michael Lewis’ Going Infinite missed crypto’s systemic harm that Faux documented.

About the Author

Zeke Faux, author of Number Go Up: Inside Crypto’s Wild Rise and Staggering Fall, is an award-winning investigative reporter for Bloomberg Businessweek renowned for exposing financial fraud and corporate misconduct.

A Cornell University graduate, Faux has spent over a decade chronicling Wall Street’s shadowy figures, earning the Gerald Loeb Award and American Bar Association’s Silver Gavel for his work on predatory lending. His critically acclaimed debut book blends investigative journalism with dark humor to dissect cryptocurrency’s meteoric rise and collapse, exploring themes of greed, technological utopianism, and systemic risk.

Faux’s groundbreaking reporting on Sam Bankman-Fried and Tether—featured in Bloomberg Businessweek—provided unparalleled access to crypto’s inner circle, culminating in his presence at Bankman-Fried’s Bahamas penthouse days before his arrest. Number Go Up was cited as evidence in the federal trial that convicted Bankman-Fried, named a 2023 Book of the Year by The Washington Post and Financial Times, and praised for making complex financial schemes accessible to mainstream audiences.

FAQs About This Book

What is Number Go Up: Inside Crypto's Wild Rise and Staggering Fall about?

Number Go Up by Zeke Faux is an investigative deep dive into the cryptocurrency boom and collapse, exposing scams, questionable practices, and key players like Sam Bankman-Fried. The book traces crypto’s meteoric rise, the fall of FTX, and global scams like Cambodian “pig butchering” schemes, blending sharp analysis with dark humor. It was named a 2023 Book of the Year by The Washington Post and Financial Times.

Who should read Number Go Up?

This book is ideal for investors, finance professionals, and anyone curious about crypto’s risks and realities. Faux’s accessible storytelling suits both crypto skeptics and enthusiasts seeking a critical perspective. It’s particularly valuable for readers interested in financial fraud investigations or the societal impacts of speculative markets.

Is Number Go Up worth reading?

Yes. Faux’s witty, gripping narrative combines intrepid reporting with punchy prose, making complex topics like Tether and blockchain wallets digestible. The book offers rare insights into crypto’s underworld, including exclusive interviews with Sam Bankman-Fried before his arrest. Critics praise it as the definitive account of crypto’s 2022 collapse.

What are the main critiques of cryptocurrency in Number Go Up?

Faux argues crypto lacks real-world utility, thrives on hype, and enables fraud. He highlights Tether’s opaque reserves, FTX’s mismanagement, and how crypto facilitated human trafficking in Cambodia. The book questions whether blockchain technology solves actual problems or merely enriches promoters.

How does Number Go Up compare to Going Infinite by Michael Lewis?

While both cover Sam Bankman-Fried and FTX, Number Go Up is praised as more incisive and critical. Faux focuses on systemic issues and global scams, whereas Lewis centers on SBF’s persona. Critics note Faux’s investigative rigor and dark humor set it apart.

What key quotes or themes define Number Go Up?

• “Number go up”: A mantra reflecting crypto’s growth-through-speculation model.
• “A technology without utility cannot succeed”: Faux’s conclusion about crypto’s fundamental flaws.
• “Have fun staying poor”: A crypto bro slogan emblematic of the industry’s elitism.

What real-world impacts of cryptocurrency does Number Go Up explore?

The book examines El Salvador’s troubled Bitcoin adoption, Cambodian trafficking compounds using crypto for scams, and how Tether’s stablecoin propped up volatile markets. Faux reveals how crypto’s anonymity aids criminal enterprises and destabilizes economies.

How did Zeke Faux’s reporting influence the Sam Bankman-Fried trial?

Faux’s interviews and evidence from Number Go Up were cited in SBF’s fraud trial. His access to FTX’s inner circle provided critical context for prosecutors, underscoring the book’s role as a primary source on the case.

What awards or recognition has Number Go Up received?

The book was named a 2023 Book of the Year by The Washington Post, Financial Times, and Wired. Faux, a Gerald Loeb Award winner, is lauded for blending rigorous investigation with engaging storytelling.

How does Zeke Faux’s background inform Number Go Up?

As a Bloomberg investigative reporter, Faux spent a decade exposing financial scams. His skepticism of crypto and expertise in fraud made him uniquely positioned to dissect its hype, culminating in a two-year global investigation for the book.

What lessons does Number Go Up offer for future investors?

Faux emphasizes due diligence, questioning promoters’ claims, and recognizing hype cycles. The book serves as a cautionary tale about speculative manias and the importance of transparency in financial systems.

Why is Number Go Up still relevant in 2025?

Despite crypto’s 2022 crash, Faux’s exposé remains vital as new speculative bubbles emerge. Its insights into fraud patterns, regulatory gaps, and technological overpromises help readers navigate evolving financial landscapes.