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<p>The post <a rel="nofollow" href="https://coinpedia.org/news/xrp-lawyer-slams-author-lewis-for-shading-binance-as-the-reason-behind-ftxs-fall/">Author Michael Lewis Implies Binance Was Behind FTX’s Fall, Criticized</a> appeared first on <a rel="nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>In a recent episode of the widely watched American TV show ’60 Minutes,’ renowned author Michael Lewis delved into his latest non-fiction work, “Going Infinite,” which sheds light on the life of crypto entrepreneur <a href="https://coinpedia.org/news/sam-bankman-frieds-trial-begins-tomorrow-what-to-expect/">Sam Bankman-Fried</a>. </p> 
<p>During this interview, Lewis’s remarks ignited a heated discussion within the cryptocurrency community. What happened and why is it such a big deal? Read on. </p> 
<h2 class="wp-block-heading" id="h-two-sides-of-the-same-story">Two Sides of the Same Story </h2> 
<p>As the trial of the <a href="https://coinpedia.org/news/ftx-legal-saga-federal-judges-ruling-impacts-sam-bankman-frieds-defense-strategy/">FTX fraud case</a> is about to begin today, 3rd October, the whole world is on edge to listen to the arguments and counter-arguments provided by the two parties.&nbsp;</p> 
<p>During his extensive ’60 Minutes’ interview, <a href="https://www.cbsnews.com/news/ftx-founder-sam-bankman-fried-michael-lewis-book-60-minutes-transcript/">Michael Lewis</a> outlined the two narratives set to be presented in the courtroom. One side accuses Bankman-Fried of fraudulent activities, while the other portrays him as an innocent party.</p> 
<p>Many allegations arose from the common public and experts that the FTX fraud was because of its ‘ponzi scheme’. However, what Lewis said in regards to this was more shocking.&nbsp;</p> 
<blockquote class="wp-block-quote"> 
 <p>Lewis says in his interview, <em>“This isn’t a Ponzi scheme. When you think of a Ponzi scheme, I don’t know, Bernie Madoff, the problem is– there’s no real business there. The dollar coming in is being used to pay the dollar going out. And in this case, they had– a great real business. If no one had ever cast aspersions on the business, if there hadn’t been a run on customer deposits, they’d still be sitting there making tons of money.”</em></p> 
</blockquote> 
<p>Also Read: <a href="https://coinpedia.org/news/paul-grewals-insightful-commentary-on-sbfs-trial-what-to-expect-from-jury-selection/">Sam Bankman-Fried’s Trial Begins Tomorrow: What to Expect from the Jury Selection</a></p> 
<h2 class="wp-block-heading" id="h-deaton-lashes-out">Deaton Lashes Out </h2> 
<p><a href="https://coinpedia.org/altcoin/ethereum-vs-xrp-unpacking-sec-regulatory-favoritism/">John Deaton</a>, the lawyer for Ripple’s XRP holders, jumped at the chance to refute this story. Deaton expressed his displeasure with the “expert” in a tweet.&nbsp;</p> 
<p>Changpeng Zhao (CZ), the founder of <a href="https://coinpedia.org/news/binance-joins-thai-law-enforcement-in-277-million-crypto-scam-bust/">Binance</a>, also commented on John Deaton’s tweet.</p> 
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  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">He's probably wishing everyone else to be that stupid, but…</p>— CZ 
   <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f536.png" alt="🔶" class="wp-smiley" style="height: 1em; max-height: 1em;"> Binance (@cz_binance) <a href="https://twitter.com/cz_binance/status/1709098724503253299?ref_src=twsrc%5Etfw">October 3, 2023</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
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<p>Read More: <a href="https://coinpedia.org/news/class-action-lawsuit-targets-binance-and-cz-for-market-manipulation-that-affected-ftx/">Binance’s CZ Accused of Market Manipulation Against FTX, Lawsuit Filed!</a></p> 
<h2 class="wp-block-heading" id="h-what-s-next"><strong>What’s Next?</strong></h2> 
<p>The FTX catastrophe was huge and it isn’t wise to assign blame arbitrarily. Blaming Binance for casting doubts that caused a rush on client deposits oversimplifies the situation and disregards other potential contributing causes. Additionally, it calls into doubt the authority of the “expert,” who made such a claim on a platform as significant as “60 Minutes.”</p>

Author Michael Lewis Implies Binance Was Behind FTX’s Fall, Criticized

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