According to CoinDesk: Biographer Michael Lewis, in his yet-to-be-released book, has escalated allegations of mismanagement against Sam Bankman-Fried, founder of the crypto exchange FTX. During an interview with CBS's 60 Minutes, Lewis shared insights into the management shortcomings at FTX, including Bankman-Fried's alleged indifference to billions of missing funds, seeing it as a mere 'rounding error'.

Bankman-Fried, who is about to face trial on fraud charges this week, is accused by the US Department of Justice of diverting customer funds from FTX to its associate company, Alameda Research. The diverted funds were reportedly used to fund Bankman-Fried's extravagant lifestyle. However, Lewis claims Bankman-Fried seemed to dismiss this issue when asked about his obliviousness to the missing $8 billion transferred to his private fund.

FTX's new management, who took charge when the company filed for bankruptcy on November 11, have also pointed to poor corporate governance during Bankman-Fried's tenure. According to Lewis, even Bankman-Fried's closest aides admitted he was not built to manage people effectively. Further, Bankman-Fried allegedly wasn't acquainted with the names of his fellow board members, viewing their role as just providing formal approvals.

Additionally, Lewis revealed that Bankman-Fried considered paying up to $5 billion to keep Donald Trump from running for US president. Lewis's book, which further explores these claims, is set to be published on Tuesday, coinciding with the commencement of Bankman-Fried's fraud trial. Despite the allegations, Lewis believes that Bankman-Fried considers himself innocent, and that FTX could have survived if negative publicity hadn't led to a run on deposits.