Review

Comment

Morality

23 November 2023

7 min read

Sam Bankman-Fried: doing the math on morality

The calculated character and philanthropy of crypto-criminal Sam Bankman-Fried is analysed by Krish Kandiah, who finds it doesn’t to add up.

Krish Kandiah

Krish is a social entrepreneur partnering across civil society, faith communities, government and philanthropy. He founded The Sanctuary Foundation.

Sam Bankman-Fried at a crypto-conference, 2021.

Cointelegraph, CC BY 3.0, via Wikimedia Commons.

Going Infinite, Michael Lewis’ biography of Sam Bankman-Fried, the world’s youngest self-made billionaire is quite the compelling read.

For a start Lewis has an incredible ability to explain complex economic and business scenarios in a way that is not only accessible, but also gripping. It is no wonder his previous books have been turned into Hollywood blockbusters.

Lewis also has a knack for finding the humanity in almost any given situation. Whether he is writing about the system for picking a world-beating baseball team, the global economic crisis or, in this case, the rise and fall of a cryptocurrency exchange, he delves deep into the characters at the heart of the stories, exposing their strengths and weaknesses, their struggles and values.

The publication of Going Infinite last month also coincided with Bankman-Fried’s real time court case, ending in a guilty verdict for, in the words of US attorney Damian Williams, “one of the biggest financial frauds in American history – a multibillion-dollar scheme designed to make him the king of crypto.”

This fraud centred on Sam Bankman-Fried’s company FTX, a cryptocurrency exchange. It emerged as one of the largest in the world with billions in deposits. All helping Bankman-Fried, aged just 29, to become recognised by Forbes magazine as the 41st richest American.

For all Bankman-Fried’s (and his friends’) talk of altruism, they weren’t very good at being nice to each other.

My personal interest in the man behind the fraud was shaped by three things. Firstly, as an adoptive and foster parent of two children who are on the autistic spectrum, I was interested in what Lewis would say about the common speculation that Bankman-Fried is also on the autistic spectrum.

I was also intrigued by Bankman-Fried’s philosophical approach to philanthropy and how Lewis would present the problems with the movement known as Effective Altruism.

Finally, I was interested in just to what extent Bankman-Fried’s commitment to mathematical algorithms overshadowed his moral awareness, given that it may well ultimately result in a sentence of 100 years behind bars.

Autism

Lewis invites us into as much of the inner world of Bankman-Fried as he can. He writes about his loneliness in childhood and his struggles with social conventions, for example. One particularly powerful moment is when we are allowed to eavesdrop on a video call with Vogue editor Anna Wintour. Bankman-Fried cannot do the call without simultaneously playing a video game. He doesn’t want to see Ms Wintour’s face while she is speaking and only looks at her when he is speaking.

While Lewis readily points to traits that are commonly associated with people on the autistic spectrum – Bankman-Fried’s struggle to comply with social norms and difficulties understanding facial expressions, for example – he avoids using the term “autism”.

It seems that Bankman-Fried himself is aware of his neurodivergent traits and is not afraid to talk about the way they impact his emotional and existential intelligence.

At one point he writes to his girlfriend:

“I don't feel happiness. What's the point in dating someone who you physically can't make happy?"

He went on to say:

“In a lot of ways I don’t really have a soul”

I found statements like these hard to read, but insightful. As a culture we are growing in our understanding and appreciation of a range of areas of diversity, however this has yet to be robustly applied to enable both widespread social acceptance and self-acceptance. The fact that Lewis chooses not to use the term autism may be a symptom of this.

Altruism

Sam Bankman-Fried was a very visible member of the Effective Altruism (EA) movement. EA is a fascinating philosophical approach to philanthropy which challenges individuals to consider their lives in terms of maximising their resources for the benefit of the world. Bankman-Fried’s answer to the question “How can I do most good with my life?” was to plan to earn a very large sum of money, ideally an infinite sum of money, that could then be used to help solve huge global issues such as the threat of nuclear war or another global pandemic.

There are many criticisms of the EA movement, and, Lewis explores several of them during the course of the book. Perhaps most obviously, for all Bankman-Fried’s (and his friends’) talk of altruism, they weren’t very good at being nice to each other. In fact, there was a major falling out between the effective altruists at his first company Alameda Research where half of the employees left because of his leadership style. Charity, it seems, did not begin at home.
It is also unclear how much money Bankman-Fried actually gave away to philanthropic causes. And it is alleged that just a month after FTX collapsed, the company even began trying to claw back the charitable donations it made. According to direct messages on X with journalist Kelsey Piper, Bankman-Fried agreed his ethically-driven approach was "mostly a front".

"Some of this decade's greatest heroes will never be known," he wrote to Piper, "and some of its most beloved people are basically shams."

The quest to do good in the world seemed to have become more like a gambling obsession with Bankman-Fried, a game in which the ends justified the means.

They say the road to hell is paved with good intentions. It is uncertain whether Bankman-Fried had good intentions at all or whether the lure of billions of dollars became so irresistible that whatever virtue once existed was sacrificed to vice.

There was another dark side to Bankman-Fried’s EA philosophy. He seemed to be fascinated by the question of just how far he could go in his calculations of trade-offs and risks in the supposed cause of saving the future of humanity? What was the highest risk he would take? What boundaries would he cross for financial gain? What would need to be sacrificed on the way? The quest to do good in the world seemed to have become more like a gambling obsession with Bankman-Fried, a game in which the ends justified the means.

Automatism

Sam Bankman-Fried was not afraid to be honest about his struggles to process and express empathy in socially acceptable ways. He once said:

"There's a pretty decent argument that my empathy is fake, my feelings are fake, my facial reactions are fake.”

However, what he seemed to struggle with in empathy, he apparently tried to make up for in logic. The following example is helpful.

Lewis records that Bankman-Fried saw Donald Trump as an “existential risk” to democracy and good governance and decided the best way to remove the threat was to offer to pay him not to run for president—an idea Trump was reportedly open to.

“His team had somehow created a back channel into the Trump operation and returned with the not terribly Earth-shattering news that Donald Trump might indeed have his price: $5bn. Or so Sam was told by his team,” Lewis writes.

I have some admiration for Bankman-Fried’s out-of-the-box thinking. He was speaking Trump’s language. He was trying to save the world. He was trying to solve a problem. Logically it was sound. But his $5,000,000,000 calculation was fundamentally flawed. It took no account of democratic values, of the consequences of feeding an ‘existential threat’ billions of dollars, or the illegality of bribery and corruption on that scale.

The same miscalculation haunts the EA movement. While earning infinite amounts of money to save the world or prevent the climate emergency sounds logical, it fails to factor in the dark side of humanity: greed, lust, pride or gluttony, or whichever vice stopped Bankman-Fried from giving away his promised sizeable sum of money and led him rather to committing one of the largest frauds in history. The tech-bro altruistic movement also doesn’t factor in the bright side of humanity: compassion, humility, generosity, sacrifice. It doesn’t account for the human things that keep us going as we pursue justice - proximity to the people we are serving, faith or beauty.

The verdict against Bankman-Fried shows us that hard logic, like lofty ideals, is not enough to protect us from the bad we might do or propel us unswervingly towards the good we should do. The equations are flawed. We are more than machines. We are not social or biological robots. Our emotions and reactions can never be completely predictable or automatic because we are human beings, each of us with our unique strengths and weaknesses.

Ultimately, this is what I liked about Lewis’ book – his portrayal of Sam Bankman-Fried not in terms of how much money he made, or how many years he will spend behind bars, not as Crypto-King or Lord of Frauds, but as a uniquely talented and flawed individual who wrestles with some of the biggest existential paradoxes, and who is still, by the way, only 31 years old.

Article

Comment

Ethics

Politics

War & peace

23 June 2025

5 min read

We must invest in defence, fast - it’s the only moral thing to do

The responsible use of force today precludes pacifism

Emerson Csorba

Emerson Csorba works in deep tech, following experience in geopolitics and energy.

Amid a bombed alley, a victim is helped to walk by a rescue worker

Aftermath of a Russian drone attack, Odesa, Ukraine.

Dsns.gov.ua, CC BY 4.0, via Wikimedia Commons.

In May 2016, I was hiking the Southwest Coast Path in a group, trudging through dense forest between Lyme Regis and Weymouth, when a distinctly unsettling event occurred. As we moved along a narrow trail, a buzzing sound began—we assumed we had disturbed a bee’s nest. We quickened my pace, but the buzzing continued. Eventually, we emerged from the woods and looked up. The sound had not come from bees, but from a drone that had been following us.

I will never forget that sound; the eerie sense of something pursuing you, but unseen. In a recent BBC special on the war in Ukraine, a journalist documents the now-pervasive use of drones, the journalist and Ukrainian soldiers hiding under the cover of forest as a Russian drone scans the area, before escaping to their car in which an AI voice says ‘Detection: multiple drones, multiple pilots, high signal strength’ as they journey overground. This is the new era of covert warfare, where the enemy strikes without being easily identified. You hear the hum, but the source is elusive.

In the coming years, this kind of psychological warfare will make its way into Western cities. Terrorist attacks will shift from in-person confrontations—like the Novichok poisonings in Salisbury—towards remote, anonymous assaults: drones drifting from overseas into coastal cities to target civilians, or swarms carrying out mass attacks in dense downtown cores. The aim will be psychological trauma at scale. Civilians will grow hesitant to leave home, hyper-sensitive to the buzz of anonymous drones in their own areas. Iran recently declared that no US, British, or French base is safe from retaliation in the emerging Israel–Iran war. It is not difficult to imagine Western cities soon being viewed as legitimate targets.

We are entering a time of intensified conflict, with national security becoming the dominant framework for policymaking. The watchword of UK government policy is ‘security,’ and—writing now from Montréal—the recent Canadian election was framed around which party and leader could best protect Canadians from external threat. In this context, even domains once governed by cooperation are transformed into zero-sum contests, because national security framing by its nature shifts focus from reciprocity to limitation of the other.

Free trade, for example - fundamentally the mutually beneficial exchange of goods and services as part of the creation of value - becomes, in a security-focused world, a question of containment. Trade, in a security-focused world, is turned on its head, free trade becoming trade wars. Fairness (in which the pie is grown and shared across multiple people) is replaced by interest, whether the interest of countries or communities and individuals within them seeking to protect themselves. As US–China competition escalates, we can expect human relations—among both states and citizens—to become even more zero-sum.

In such an environment, do morals still matter? When the enemy grows more ruthless and more innovative in an era of national security, must we match them in kind? Or is it still possible to uphold principles while defending ourselves?

Restraint and humility are still critical virtues—but must not be mistaken for weakness.

In a recent Times column, Juliet Samuel suggested that gestures of non-aggression—such as Finland’s 2015 destruction of its one million landmine stockpile—now appear dangerously naïve. Ukraine, for its part, has rightly disregarded the Ottawa and Oslo (banning cluster munitions) conventions. Its survival depends on ingenuity, rapid technological development (for instance through the work of funds such as D3), and collaboration with its allies to prototype and deploy advanced systems.

Reinhold Niebuhr, in Moral Man and Immoral Society, contends that to be moral, one must possess the capacity for force—‘power must be challenged by power.’ That power, however, must be exercised with responsibility, humility, and moral purpose. Nigel Biggar, my former doctoral supervisor and a key figure in the Niebuhr tradition of Christian realism, argues in In Defence of War that war can be justified on balance when it meets the criteria of jus ad bellum: just cause, legitimate authority, right intention, proportionality, and reasonable prospect of success.

War, in this reading, can express a ‘kind harshness’—a form of judgment exercised in defence of victims. Like Niebuhr, Biggar grounds his argument in Augustinian realism: the world is fundamentally good, yet broken. Because evil persists, the moral use of force becomes necessary to uphold what is right. I believe this to be true, and directly applicable to the national security-focused world in which we find ourselves.

What does this mean then for Western countries as national security reasserts itself as the central organising principle of governance?

It means significant and urgent investment in defence and deep technology, including for instance emerging capabilities like cognitive warfare and neuroadaptive systems (wearables that enhance soldiers’ performance in live combat), counter-drone systems for urban, rural, and maritime environments, and next-generation electronic warfare and geospatial intelligence.

If drone attacks intensify at sea—such as those carried out by the Houthis to disrupt global shipping routes—counter-drone systems will be vital to ensure safe passage. In a world of manipulated narratives and disinformation, geospatial intelligence will serve as a source of truth, helping establish what is actually happening on the ground. And as agentic AI grows increasingly capable of manipulating users—through sycophancy, persuasion, and other techniques—oversight technologies like Yoshua Bengio’s new LawZero project will be essential for maintaining objectivity and integrity.

The responsible use of force today precludes pacifism, averting violence altogether. It means maintaining—and advancing—the capability for overwhelming force, so it is ready if needed. Morality in an era of national security demands investment in defence technologies at speed, to stay several steps ahead of adversaries. A ‘whole-of-society’ approach, as recommended in the recent UK Strategic Defence Review, means preparing citizens with such a mindset. Restraint and humility are still critical virtues—but must not be mistaken for weakness. Western nations must be prepared to act swiftly, decisively, and with the deterrent power that peace requires.

This is the world we are entering: one in which governments and civilians alike must be ready for unexpected threats. The hum of a drone overhead is more than a sound—it is instead a warning, reminding not only Ukrainians but those currently in peaceful situations, to prepare ourselves for potential conflicts to come. The appropriate response is not retreat, but the responsible and moral exercise of power: a necessary duty if we are to preserve peace, freedom, and justice in a world increasingly intent on contesting them.

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