Easy Money: Cryptocurrency, Casino Capitalism, and the Golden Age of Fraud

by Ben McKenzie, Jacob Silverman

Overview

Notes From Your Bookseller

There will be many books detailing the rise and fall of the cryptocurrency market, but this is one to seek out. This is a richly researched, in-depth expose of the players involved, from actor Ben McKenzie and journalist Jacob Silverman.

INSTANT NEW YORK TIMES BESTSELLER

LONGLISTED FOR THE FINANCIAL TIMES 2023 BUSINESS BOOK OF THE YEAR

"A smart, savvy road map through the mayhem of the cryptocurrency madness."
—RON CHERNOW, Pulitzer Prize-winning author of Alexander Hamilton

From “one of the crypto industry’s unlikely but most prominent critics” (Washington Post), an entertaining and well-researched account of the rise and fall of cryptocurrency.

At the height of the pandemic, TV star Ben McKenzie was the perfect mark for cryptocurrency: a dad stuck at home with some cash in his pocket, worried about his family, armed with only the vague notion that people were making heaps of money on something he—despite a degree in economics—didn’t entirely understand. Lured in by grandiose, utopian promises, and sure, a little bit of FOMO, McKenzie dove deep into blockchain, Bitcoin, and the various other coins and exchanges on which they are traded. But after scratching the surface, he had to ask, “Am I crazy, or is this all a total scam?”

In Easy Money, McKenzie enlists the help of journalist Jacob Silverman for an investigative adventure into crypto and its remarkable crash. Weaving together stories of average traders and victims, colorful crypto “visionaries,” Hollywood’s biggest true believers, anti-crypto whistleblowers, and government operatives, Easy Money is an on-the-ground look at a perfect storm of irresponsibility and criminal fraud. Based on original reporting across the country and abroad, including interviews with Sam Bankman-Fried, Tether cofounder Brock Pierce, Celsius’s Alex Mashinsky, and more, this is the book on cryptocurrency you’ve been waiting for.

Product Details

ISBN-13:	9781419766398
Publisher:	Abrams Press
Publication date:	07/18/2023
Pages:	304
Sales rank:	10,804
Product dimensions:	5.90(w) x 9.10(h) x 1.10(d)

About the Author

Ben McKenzie has been a fixture on TV for more than two decades, first capturing audiences in the pop culture phenomenon The O.C. Recently, he played the lead role on Fox’s hit series Gotham, for which he also directed and wrote episodes. In 2020, he starred in Grand Horizons, which received a Tony Award nomination for Best New Play. McKenzie graduated magna cum laude from the University of Virginia with a degree in economics and foreign affairs.

Editorial Reviews

05/15/2023

“Crypto is Vegas without the drinks, the dinner, or the show,” contend Gotham actor McKenzie and journalist Silverman (Terms of Service) in this zippy polemic. McKenzie recounts reading up on crypto during a Covid-induced lull in his acting career and coming to the conclusion that digital currencies are “akin to gambling” because, unlike shares in a company, crypto is “uncorrelated with any actual asset.” With Silverman, he examines major players in “one of the greatest frauds in history,” detailing how confidence men around the globe convinced ordinary people to make misguided investments that were wiped out after the spring 2022 crypto crash. The authors describe El Salvadoran president Nayib Bukele’s disastrous rollout of a fraud-ridden, government-sponsored platform for exchanging Bitcoin, Sam Bankman-Fried’s illegal strategy for artificially inflating the size of crypto exchange FTX, and South Korean entrepreneur Do Kwon’s fall from grace after his Luna currency lost around $40 billion in value over the course of one week in 2022. The crypto-curious will appreciate the authors’ accessible explanations of how digital currencies work, and the profiles illuminate how hype and irresponsible business practices inflated the crypto bubble for years before its inevitable burst. The result is a damning study of how and why the crypto market collapsed. (July)

Publishers Weekly

If you're looking for a smart, savvy road map through the mayhem of the cryptocurrency madness, Easy Money is the guidebook for you. Ben McKenzie has given us a wry and knowing saga of his personal quest to expose the crypto charlatans, and his sleuthing uncovers a world of frauds, true believers, and opportunists that you won't soon forget.”—Ron Chernow, Pulitzer Prize–winning and New York Times bestselling author of Alexander Hamilton and

“Ben McKenzie takes us on an amazing journey, guiding us through the astounding story of how a bizarre cast of swindlers and scammers persuaded millions of people to take leave of their senses and part with trillions of dollars, only to put them into the surreal and illusory world of so called ‘crypto assets’ and watch them vanish into thin air. When it is all over, the last couple of years will prove to have been one of the strangest episodes in the history of money.”—Liaquat Ahamed, Pulitzer Prize–winning author of Lords of Finance

“Ben McKenzie's Easy Money is a perfectly timed page-turner that gets to the heart of the fundamental scam that was (and is) the mania around cryptocurrency. It's a devastatingly well-told story of greed, con men, and endless gullibility. McKenzie goes down the rabbit hole, only to become a full-throated skeptic who then takes us along on his journey of enlightenment and discovery, proving once again that if something seems too good to be true, it probably is.”—William D. Cohan New York Times bestselling author of Power Failure and House of Cards

“Superb . . . the terrible story of our economic times.”—Julian Zelizer, coeditor of Myth America and professor of history and public affairs at Princeton Un

“Easy Money is a deceptively ambitious project—at once a riveting account of the financial crime of the century, and a thoughtful meditation on the nature of democracy and what we owe each other.” —Zachary Carter, author of The Price of Peace: Money, Democracy, and the Life of John Maynard Keynes

“Easy Money is a smart, fast-paced, and timely exposé of corporate greed, fraud, and incompetence masquerading as genius. Simultaneously illuminating and infuriating, authors McKenzie and Silverman’s page-turning book goes on a global journey to explain how crypto is the latest Ponzi scheme orchestrated to seduce and defraud the masses while benefitting the very few.”—Wajahat Ali, author of Go Back to Where You Came From

“The perfect guide to the recent bitcoin hysteria…. gripping.”—Financial Times

From the Publisher

2023-06-08
Actor McKenzie continues his long-standing denunciation of cryptocurrency.

Matt Damon hawked crypto in ads during NFL games. Kim Kardashian made such extraordinary claims for it that it drew the attention of British regulators—though, in the U.S., “Kardashian’s promotion was initially met with typical regulatory silence.” Crypto seemed to be just the thing for the rich and powerful, a means of hiding transactions via the secrecy associated with a financial instrument that isn’t really a currency, at least by American law. Writing with financial journalist Silverman, McKenzie charges that since crypto behaves like a security, and an unregulated one at that, its price “jumps up and down like a rabbit on amphetamines.” Furthermore, the technology doesn’t scale well enough, it’s environmentally disastrous because it requires so much electricity to “mine,” and it’s surrounded by “fraudsters” and “con men.” Ethereum, founded in 2015 and the “second largest cryptocurrency as of this writing,” appears to be a smoke-and-mirrors operation, while Tether “was as if a random group of middling ne’er-do-wells had been issued their own money printer,” a bomb waiting to take down the entire system of casino capitalism. The author chronicles how some of the less cautious principals were taken down by international police forces, while others simply disappeared after their businesses evaporated—but not, he adds, before a few of them bought yachts. As for Kardashian, she was “fined $1.26 million by the SEC for her participation in shilling the shitcoin Ethereum Max”—even if she was just a willing tool and not herself a fraudster. “Would anyone in crypto ever see the inside of a jail cell?” asks McKenzie. At least since the author finished the book, it appears that at least one or two—Sam Bankman-Fried most notable among them—are on the way to the slammer.

A well-reasoned, occasionally shrill critique of the crypto universe.

Kirkus Reviews

Easy Money is a deceptively ambitious project—at once a riveting account of the financial crime of the century, and a thoughtful meditation on the nature of democracy and what we owe each other.

Zachary Carter

Superb . . . the terrible story of our economic times.

coeditor of Myth America and professor of history Julian Zelizer

If you're looking for a smart, savvy road map through the mayhem of the cryptocurrency madness, Easy Money is the guidebook for you. Ben McKenzie has given us a wry and knowing saga of his personal quest to expose the crypto charlatans, and his sleuthing uncovers a world of frauds, true believers, and opportunists that you won't soon forget.

Pulitzer Prize–winning and New York Times be Ron Chernow

The perfect guide to the recent bitcoin hysteria…. gripping.

Financial Times

Ben McKenzie's Easy Money is a perfectly timed page-turner that gets to the heart of the fundamental scam that was (and is) the mania around cryptocurrency. It's a devastatingly well-told story of greed, con men, and endless gullibility. McKenzie goes down the rabbit hole, only to become a full-throated skeptic who then takes us along on his journey of enlightenment and discovery, proving once again that if something seems too good to be true, it probably is.

William D. Cohan New York Times bestselling author of Power Failure and House of Cards

Ben McKenzie takes us on an amazing journey, guiding us through the astounding story of how a bizarre cast of swindlers and scammers persuaded millions of people to take leave of their senses and part with trillions of dollars, only to put them into the surreal and illusory world of so called ‘crypto assets’ and watch them vanish into thin air. When it is all over, the last couple of years will prove to have been one of the strangest episodes in the history of money.

Pulitzer Prize–winning author of Lords of Fi Liaquat Ahamed

Easy Money is a smart, fast-paced, and timely exposé of corporate greed, fraud, and incompetence masquerading as genius. Simultaneously illuminating and infuriating, authors McKenzie and Silverman’s page-turning book goes on a global journey to explain how crypto is the latest Ponzi scheme orchestrated to seduce and defraud the masses while benefitting the very few.

author of Go Back to Where You Came From Wajahat Ali