The Russo brothers are making a series for Amazon based on the narrative of how FTX, which was once one of the most well-known crypto exchanges, met such a fast and scandalous end. According to Variety, Amazon has authorised a limited series adaptation with eight episodes, with production set to begin in the spring of next year.
The pilot episode will be written and executive produced by David Weil, who previously collaborated with the Russo brothers on their Prime Video series Citadel. Meanwhile, Anthony and Joe Russo, famed for directing four Marvel Cinematic Universe films, are said to be in discussions to helm the programme in addition to acting as executive producers.
FTX went bankrupt this week, following a series of circumstances that led to its demise in a short period of time. The value of the exchange’s FTT tokens fell earlier this month when rival exchange Binance said that it will liquidate its remaining FTTs due to “recent disclosures.”
CoinDesk revealed a few days before Binance chose to liquidate all of its FTTs that Alameda Research, the trading business created by then-FTX CEO Sam Bankman-Fried, was largely supported by FTT tokens. “The episode adds to evidence that FTX and Alameda have unusually close links,” CoinDesk stated. Alameda apparently has financial problems and was diverting FTX clients’ money to pay bills.
When they sensed danger in the air, smaller investors and regular customers also tried to leave and requested withdrawals, which led to a liquidity problem. At first, Binance committed to saving FTX by purchasing it, but eventually changed its mind. Following that, Bankman-Fried left her position as CEO and FTX declared bankruptcy. The Russo brothers could add a lot more information to their programme, such as the puzzle of where billions of dollars in cash that had gone missing or been stolen had gone.
Although it is currently unknown what sources the Russos want to draw from, Variety reports that the show may be based on “insider information” from journalists who have been looking into the FTX controversy. They’re also apparently in discussions with a number of Marvel stars to play significant roles in the show.
Before Amazon announced that it was developing a series based on FTX, Deadline said that Apple was close to agreeing to a seven-figure purchase for the rights to a book by Michael Lewis on Bankman-Fried and the cryptocurrency exchange. The author of Moneyball, The Big Short, and The Blind Side is the same. Apple, as opposed to Amazon, apparently wants to make a full-length movie based on Lewis’ novel.