Virtu Financial voiced objections to a reference in Michael Lewis’ highly anticipated book, Going Infinite.

Differing from Lewis’ account in “Going Infinite,” a Virtu spokesperson strongly asserted that the firm never incurred losses with FTX. The spokesperson expressed bewilderment at Lewis’s claim of a $10 million deficit, suggesting that a question about the depth of his research was warranted. This statement was made to The Block.

“Going Infinite” has ignited fervent discussions within and beyond cryptocurrency circles since its recent release, coinciding with Bankman-Fried’s trial commencement in New York. The book is filled with captivating revelations, as Lewis claims to have witnessed or uncovered in his investigation.

FTX’s Sudden Collapse: Unraveling the $8.7 Billion Debacle and Ongoing Bankruptcy Proceedings

“At the exact moment of FTX’s collapse, the platform had over ten million account holders, with a debt of $8.7 billion,” noted Lewis in a specific section. About $4 billion of these losses were concentrated in just fifty accounts. Leading the way was Jump Trading, with losses of $206,160,600.00, while Virtu Financial Singapore held the lowest position with $10,095,336.83.”

The bankruptcy proceedings currently in progress will ascertain the extent to which creditors will recover their investments. Lewis’s publicist, when contacted, offered no immediate response.

Upon the publication’s release and Lewis’s appearance on “60 Minutes,” the author faced increased scrutiny. This scrutiny primarily centers on his comments about FTX’s corporate performance. The cryptocurrency exchange initiated bankruptcy proceedings late last year, causing financial distress to millions of its patrons.

Virtu’s Response to Michael Lewis’ “Going Infinite” and Financial Resilience

Virtu's Response to Michael Lewis' "Going Infinite" and Financial Resilience

Virtu’s spokesperson used the opportunity to question Lewis’s credibility. They characterized the author’s claim of a $10 million loss as being on par with his understanding of market dynamics in ‘Flash Traders.’ Lewis’s treatise on high-frequency trading, initially published in 2014, has faced criticism from some quarters for its portrayal of the subject matter and alleged inaccuracies.

At an earnings conference earlier this year, Virtu’s CEO, Doug Cifu, commented. He stated that despite having around eight-figure fiat and cryptocurrency holdings on various platforms during the FTX incident. Their response was swift, and they didn’t encounter significant financial setbacks.

Virtu, a global facilitator of market liquidity in equities and various financial instruments, keeps a modest profile in the cryptocurrency realm. The CEO sees digital assets as a long-term growth opportunity while actively participating in cryptocurrency exchange-traded funds.

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