Sam Bankman-Fried (SBF), the former billionaire and cofounder of the collapsed FTX crypto exchange, is reportedly drafting a prison memoir while serving a 25-year sentence at Brooklyn’s Metropolitan Detention Center (MDC). Bankman-Fried, who was convicted of fraud, has shared excerpts of his writings through his father, Joe Bankman, aiming to find a publisher for the project.
What will Happen to Royalties From FTX Founder’s Memoir?
Despite the memoir’s potential to secure a lucrative advance—estimated by a literary agent at seven figures—Bankman-Fried will not profit. As part of his sentencing, he faces an $11 billion forfeiture, which will prioritize compensating the FTX crypto exchange‘s victims. “The billions being restored during the bankruptcy process do not count,” a source noted.
The diary provides an intimate view of life behind bars and Bankman-Fried’s adaptation to harsh prison conditions. Among his grievances is the absence of basic comforts like pillows. “What the actual [expletive], we’re not allowed to have pillows? Are we allowed to sleep?” he wrote, according to a Forbes report.
Here, SBF is described how he traded two muffins for a makeshift pillow crafted from torn mattress stuffing. He also recounts losing the item during a cell raid. “I lost my pillow tonight. I’m now using towels and prison jumpsuits, but it doesn’t work. My neck already hurts.”
The writings delve into his relationships with fellow inmates, including one he nicknames “Harry,” a sports enthusiast who proposed a flawed betting strategy that Bankman-Fried calls “the gambler’s fallacy.” Reflecting on his cellmates’ behavior, he writes, “Most people become innies. They will go to war over a banana and trade everything to get high one more time.”
Closer Look at SBF’s Diary
He also explores the psychological toll of confinement. SBF remarked, “How can you be true to your true self when your true self has been deemed a danger to society so great you need to be locked in a cage?”
A notable section of the diary addresses the prevalence of a smuggled drug referred to as “deuce,” which SBF claims turns users into “zombies.” While denying any personal use, he describes the drug’s impact on prison life, including crackdowns by guards.
The diary also reflects on SBF’s childhood, highlighting a deep attachment to a stuffed dog named “Manfred,” which he often used as a pillow. “Ever since I got a stuffed dog when I was two years old, I’ve slept with him nearly every night of my life.”
Bankman-Fried’s motivations for publishing the memoir remain unclear. His father has enlisted the help of Walter Pavlo, a white-collar crime expert, to assist with the project. The writings, blending self-reflection and critique of prison life, offer a rare glimpse into the mind of the disgraced crypto magnate as he comes to terms with his downfall.
