Hype Machine: How Greed, Fraud and Free Money Crashed Crypto: Sam Bankman-Fried, FTX and the fraud of the century

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'Anybody who wants to understand the cryptocurrency mania should read Hype Machine.' LIONEL BARBER, FORMER EDITOR OF THE FINANCIAL TIMES

'A richly reported and devastating indictment of a financial bubble of unprecedented size and stupidity.' ZEKE FAUX, AUTHOR OF NUMBER GO UP

On 2 November 2023, in one of the largest fraud trials in history, Sam Bankman-Fried was found guilty of stealing billions of dollars from the customers of his crypto-exchange, FTX.

How did this 31-year-old Californian in shorts and a T-shirt manage to become one of the most famous CEOs in the world How did greed, fear and free money inflate the crypto bubble until it finally popped with devastating consequences for millions of people who lost money in the crash Who were the enablers, investors and innovators who transformed the original promise of crypto into a digital Wild West

Hype Machine is the definitive story of the boom and bust of crypto, written by award-winning Financial Times journalist Joshua Oliver. Expansive, nuanced and eminently entertaining, it demystifies the crypto circus by following the journeys of its most influential participants and the trajectory of SBF, its enigmatic ringmaster.

Oliver, who reported on the crypto crash with extensive access to SBF himself, introduces readers to the people and ideas that shaped crypto's wild rise and fall, including Arthur Hayes, Changpeng Zhao and the coterie of acolytes who surrounded FTX. Through exclusive interviews, compelling research and with ringside seats at the trial of the decade, he paints a vivid, detailed and tragi-comic picture of this defining financial moment of our times.

Reviews

''Anybody who wants to understand the cryptocurrency mania which gripped financial markets should read Hype Machine. Josh Oliver's powerful narrative captures leading actors like Sam Bankman-Fried and their dodgy practices, while explaining the roots of "financial populism".'' - Lionel Barber, former editor of the Financial Times

''Filled with surprising and infuriating details, Joshua Oliver's Hype Machine is a richly reported and devastating indictment of a financial bubble of unprecedented size and stupidity.'' - Zeke Faux, author of Number Go Up

''A fast-paced and highly accessible account of the rise and fall of SBF and his crypto empire. In places, it reads like a thriller; in other parts it is a primer that can help anyone understand how crypto worked and the contradictions in its rhetoric ... A must read for any investors - or future historians seeking to understand how dazzling innovations can sometimes go badly wrong.'' - Gillian Tett, columnist and best-selling author of Anthro-Vision

''The extraordinary story of FTX and its founder Sam Bankman-Fried provides critical lessons on finance, economics and human psychology. The rise and fall of this leading player in the crypto industry perfectly mirrors one of the oddest, most dangerous bubbles in recent financial history. Financial markets have always been attractive to speculative chancers. Crypto was no different. Josh Oliver expertly weaves together deep reporting on the circus around SBF with clear explanations of the crypto bubble as a whole in this deeply reported and important book.'' - Duncan Mavin, author of Pyramid of Lies

Author Bio

Joshua Oliver is a correspondent for the Financial Times, where he has reported on investing, markets and real estate. He covered the cryptocurrency bubble and the collapse of the FTX crypto exchange led by Sam Bankman-Fried, for which he was named Young Journalist of the Year in the 2022 Wincott Awards. He holds a master's degree from Columbia Journalism School and studied history at Trinity College, University of Toronto. He grew up in Toronto and lives in London.