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November 24, 2022 01:00 pm GMT

Amazon orders limited series about the FTX crypto exchange scandal

The Russo brothers are creating a series for Amazon based on the story of how FTX, which was once one of the most well-known crypto exchanges, met such a swift and scandalous end. According to Variety, Amazon has approved a limited series adaptation with eight episodes and is looking to start production by spring next year. David Weil, who previously worked with the Russo brothers in their Prime Video series Citadel, will write and executive produce the pilot episode. Meanwhile, Anthony and Joe Russo, known for directing four Marvel Cinematic Universe movies, are reportedly in talks of directing on top of serving as the show's executive producers.

FTX filed for bankruptcy last week after a series of events ultimately led to its collapse in a short amount of time. The exchange's FTT tokens had plummeted in value earlier this month after rival exchange Binance announced that it was going to sell its remaining FTTs due to "recent revelations." A few days before Binance decided to liquidate all its FTTs, CoinDesk had reported that Alameda Research, the trading firm that was founded by then-FTX CEO Sam Bankman-Fried, was mostly backed by FTT tokens. "The situation adds to evidence that the ties between FTX and Alameda are unusually close," CoinDesk wrote. Alameda had reportedly been having financial issues and was allegedly using FTX customers' deposits to pay debts.

Smaller investors and ordinary customers also sought to get out upon smelling trouble in the air and submitted requests for withdrawals, which caused a liquidity issue. Binance initially agreed to bail out FTX by buying it but ultimately backed out of the deal. After that, FTX filed for bankruptcy, and Bankman-Fried resigned as CEO. There's a lot more to the story, including the mystery of where billions of dollars of missing or stolen funds had gone, that the Russo brothers could include in their show.

It's still unclear what source material the Russos are planning to use, but Variety says the show could be based on "insider reporting" by journalists who've been investigating the FTX scandal. They're also reportedly in talks with multiple Marvel actors to play key roles in the series. Before Amazon confirmed that it was working on a show based on FTX, Deadline reported that Apple was close to signing a seven-figure deal for the rights on a book about Bankman-Fried and the crypto exchange that's being written by Michael Lewis. That's the same author behind Moneyball, The Big Short and The Blind Side. Unlike Amazon, Apple is reportedly planning to turn Lewis' book into a feature film.

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