The FTX saga and the developments that led to the collapse of the crypto exchange are covered in a new documentary. The film focuses on the volatile relationship between Sam Bankman-Fried and one of his fiercest critics, Binance founder Changpeng Zhao.
The protagonists of the film definitely experienced – or even created – situations that are worth a story on the screen. It can be exciting as we get to know the story of the two men, who in a short time came to almost dominate the crypto market. And in the case of SBF, it will be revealed how the man managed to turn an entire industry once morest himself while losing everything and being behind bars – then he was released from there, also under unusual circumstances. What makes the story even more interesting is that both characters have completely different backgrounds.
A The Hollywood Reporter according to the production is a collaboration between Fortune and Unrealistic Ideas, an unscripted production company co-founded by American actor Mark Wahlberg, Stephen Levinson and Archie Gips.
“The story of SBF and CZ captured the imagination of people everywhere” – said Gypsum. “What I’m most excited regarding is our phenomenal exclusive access to dynamic storytellers who were literally part of the Shakespearean drama unfolding,” he added.
The documentary will focus on how Bankman-Fried, born into a prominent academic family with political connections, and Zhao, whose family fled China to Canada when he was 12, became two of the most prominent figures in the crypto space, and how their relationship alternated between allies and rivals. .
The history of CZ, or from McDonalds to Binance
Changpeng Zhao, better known as CZ, is not one of those billionaires who have been bathed in milk and butter since birth. Throughout his life, he has traveled bumpy roads to get to where he is today. He was born in a rural village in the eastern part of China, his parents were simple teachers. He was 12 years old when he and his family emigrated to Canada. In his youth, he worked hard to support his family. Among other things, he worked at McDonalds, a gas station, and as a referee at volleyball matches. So he lived a completely normal, ordinary life. The head of what is now the largest crypto exchange was then led by his diligence and efforts to be named the richest man in Canada in January 2022.
A brief overview of the development of bankruptcy
The CEO of Binance, as you know, was at the epicenter of the FTX crash. In early November, Zhao revealed his plans to acquire the troubled crypto exchange. Later, however, he backed down from this act and realized that the crypto exchange would not survive the resulting chaotic situation and was worried that the fall might drag the rest of the industry with it.
A Nov. 10 series of regarding a dozen group text messages between CZ and Bankman-Fried, which The New York Times acquired, shows that crypto leaders were worried things might get worse. And their desperate communication gives a rare glimpse into the unusual way business is done behind the scenes in the industry.
Crypto exchange FTX and sister hedge fund Alameda Research collapsed just as a rush on deposits exposed an $8 billion gap in the exchange’s accounts. The collapse sparked a crypto crisis as companies linked to FTX teetered on the brink of bankruptcy, putting the future of the entire industry in question.
The history of FTX will be available in several versions
The rise and fall of Bankman-Fried’s crypto empire has become the subject of several film projects. As reported by Cointelegraph, Amazon Prime video streaming service is producing an eight-episode limited series regarding the scandals behind the cryptocurrency exchange. Also, author and financial journalist Michael Lewis, known for The Big Short, spent six months with Bankman-Fried before the FTX collapse for an upcoming book and reportedly sold the film rights to Apple.
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