SBF Working on Million-Dollar Memoir, FTX Victims to Get Royalty

Sam Bankman-Fried (SBF), the previous billionaire and co-founder of the collapsed crypto trade FTX, is reportedly writing a jail memoir whereas serving a 25-year sentence on the Metropolitan Detention Middle (MDC) in Brooklyn. Bankman-Fried, who was convicted of fraud, has shared excerpts of his writings via his father, Joe Bankman, with the intention of discovering a writer for the challenge.

What is going to occur to the royalties from the FTX founder’s memoir?

Regardless of the memoir’s potential to safe a profitable advance – estimated at seven figures by one literary agent – ​​Bankman-Fried won’t revenue from it. As a part of his sentencing, he faces an $11 billion forfeiture order, with precedence being given to compensating the victims of the FTX crypto trade. “The billions recovered throughout the chapter course of do not rely,” one supply famous.

The diary offers an intimate image of life behind bars and Bankman-Fried’s adjustment to the cruel jail situations. One in all his grievances is the shortage of primary consolation resembling pillows. “What actuality is [expletive]we’re not allowed to have pillows? Can we sleep?” he wrote, based on a Forbes report.

This describes how SBF traded two muffins for a makeshift pillow created from torn mattress padding. He additionally says he misplaced the merchandise throughout a cell raid. ‘Tonight I misplaced my pillow. I now use towels and jail jumpsuits, nevertheless it does not work. My neck already hurts.”

The writings delve into his relationships with fellow inmates, together with one he nicknames “Harry,” a sports activities fan who proposed a flawed playing technique that Bankman-Fried calls “the gambler’s fallacy.” Wanting again on the habits of his cellmates, he writes: ‘Most individuals develop into innies. They may wage struggle over a banana and commerce something to get excessive yet one more time.”

Take a detailed take a look at SBF’s diary

He additionally explores the psychological toll of incarceration. SBF famous, “How are you going to be true to your true self when your true self is taken into account a hazard to society so nice that you have to be locked in a cage?”

A notable part of the diary focuses on the prevalence of a smuggled drug known as “deuce,” which SBF claims turns customers into “zombies.” Whereas he denies any private use, he describes the drug’s influence on jail life, together with the actions of guards.

The diary additionally displays on SBF’s childhood and highlights a deep attachment to a stuffed canine named “Manfred”, which he usually used as a pillow. “Since I bought a stuffed canine after I was two years outdated, I’ve slept with him virtually each night time of my life.”

Bankman-Fried’s motivations for publishing the memoir stay unclear. His father has enlisted the assistance of Walter Pavlo, an skilled on white-collar crime, to help with the challenge. The writings, which mix self-reflection and critique of jail life, supply a uncommon glimpse into the thoughts of the disgraced crypto mogul as he involves phrases together with his downfall.