Bahamas-based film production company XTR is already preparing a documentary film for the collapse of FTX, one of the largest crypto exchanges in the world.
The firm, known for making non-fiction documentaries such as “They Call Me Magic,” was the brain behind the creation of the Emmy award-winning doc “76 days,” which was centered around COVID-19 in China.
New Documentary to Feature FTX and SBF
According to reports, the new project will feature the crypto exchange alongside its founder and former CEO, Sam Bankman-Fried (SBF).
The XTR documentary is currently under production by Bryn Mooser, Kathryn Everett and Justin Lacob. The project is also directed by Oscar nominee and Emmy winner David Darg.
The project will explore all the events of the past few weeks that led to the sudden collapse of the major exchange, which “sparked government investigations and sent shock waves through an industry still battling to gain mainstream credibility.”
Justin Lacob, one of the co-producers, said that the FTX scandal exposes the inadequacies in the cryptocurrency industry.
“The implosion of FTX is the most sensational financial story since WallStreetBets disrupted the stock market during the pandemic, and it exposes major flaws within the cryptocurrency universe. With our exclusive access and our team already on the ground, we’re excited to dive deep into this breaking story, which has already ensnared celebrities like Tom Brady,” said Lacob.
Another LUNA-LIke Situation Causes Massive Contagion
FTX’s troubles started after one of its affiliates Alameda Research released its third-quarter financial earnings report, showing a massive paper exposure to some altcoins.
Its rival company, Binance, also announced that it plans to liquidate its FTT position, which stirred fears among investors, causing massive sell-offs which led to drastic price drops. Binance also backed out of its deal to bail out the troubled company.
The exchange collapsed within two weeks after revealing its liquidity crisis, forcing it into insolvency on November 11. SBF resigned after submitting a bankruptcy filing at a United States court.
The implosion caused another LUNA-like situation in the crypto industry, with different companies such as BlockFi, Genesis, Gemini, Galaxy Digital, and Ontario Teachers Pension Plan declaring massive exposures to the exchange.
