‘Misinformation, hype, and fraud’: Inside Ben McKenzie’s scathing new crypto doc—featuring Sam Bankman-Fried

Ben McKenzie knows that his main claim to fame is, still, starring in The O.C., a Fox TV series that bowed out nearly 20 years ago.

That’s why he begins his new documentary with a self-deprecating medley of clips featuring him being introduced as such. It’s a disarming transition to the film itself, which is a dire warning about what he views as possibly “the largest Ponzi scheme in history.”

When the pandemic hit, and acting work vanished, McKenzie, who majored in economics at the University of Virginia, began a now six-year-long quest to understand the crypto industry, a research odyssey that he developed into a 2023 book, Easy Money.

Now he’s turned that book into a scathing new documentary that he wrote, directed, stars in, and funded called Everyone is Lying to You for Money. It hits theaters in New York and Los Angeles on April 17, followed by Boston, Washington D.C., Austin, San Francisco, and Portland.

The movie depicts McKenzie’s journey toward trying to understand crypto, one that took him from Miami to London to El Salvador. It includes footage from interviews he did with victims and fraudsters alike, including the industry’s now-fallen hero, Sam Bankman-Fried. Bankman-Fried spoke with McKenzie in July 2022, months before being arrested and consequently beginning his 25-year federal sentence for seven counts of fraud, including stealing $8 billion from customers. Since Bankman-Fried’s conviction, decentralized digital currency has risen again, and McKenzie believes that his movie is even more relevant now.

The documentary’s basic thesis is that no matter what crypto can make possible in theory, in practice it is barely a currency; it is used for digital payments far less often than crypto boosters claim. Rather, it’s just a form of gambling. Cryptocurrency is a “weird” investment because “you don’t own anything,” McKenzie tells me when we meet at a Brooklyn café in March. “You own a piece of code.”

What’s more, he says, the crypto companies know this and exploit the individuals buying in, like a classic pyramid scheme: People are paying to have their real money turned into magic numbers. The industry’s “entire existence depends on misinformation, hype, and fraud,” McKenzie says.

Beer, Matt Damon, and an airport in El Salvador

McKenzie is aware that the concept of cryptocurrency can be complex to the point of brain-boggling. To make it accessible to filmgoers, he includes light moments with dark humor, such as a scene of him not being able to buy beer with Bitcoin at the Bitcoin conference, and a bit where his wife, actress Morena Baccarin, asks him if he’s just mad at Matt Damon—who did a TV ad for Crypto.com—because he’s more famous. (“And taller?” she adds.)

He also makes effective use of real victims’ often touching stories, such as those who invested in Celsius in order to set up a passive investment for retirement or spend more time with their kids. (According to the U.S. Department of Justice, Celsius was found to have “artificially inflated” and “illegally manipulated” the value of its coin; the company froze user account access in June 2022, and customers lost billions.) He also speaks with an El Salvadorian citizen kicked off his land after the country’s pro-crypto president, Nayib Bukele, decided to build an airport for his so-called Bitcoin City.

And then there are the simply outrageous moments, such as when Alex Machinsky, the CEO of Celsius—who was later sentenced to 12 years in prison for fraud and market manipulation—justified crypto scams by saying, “If you left money on the street, do you expect it to be there in the morning?” (That footage, which McKenzie captured at SXSW in March 2022, is what gave him the idea to turn the project into a film in the first place.)

But what stands out as the movie’s tense climax is McKenzie’s candid, one-on-one interview with Bankman-Fried.

Seeing Sam Bankman-Fried squirm

Sam Bankman-Fried, founder of the crypto exchange company FTX and trading firm Alameda Research, was on a high in July 2022—”on top of the world,” as McKenzie says now. Bankman-Fried had just hosted a crypto conference in the Bahamas, with Bill Clinton and Tony Blair as guests, and Fortune had proclaimed him “the next Warren Buffett.”

The crypto market had just started to crash, but Bankman-Fried, with a reported net worth of $20 billion and the full attention of the media and Capitol Hill alike, seemed golden. “The PR machine was in full blast,” McKenzie says, which may be why he accepted McKenzie’s Twitter DM invitation to meet.

McKenzie was astonished at how open Bankman-Fried was—and how trusting his PR representative was, staying outside the hotel room during the video interview, and letting it go on for a full hour. (She was a fan of The O.C.)

“In retrospect, I would have been more aggressive,” McKenzie says, but he certainly applies the pressure. Their conversation—which runs for six minutes in the film—makes for awkward viewing. “He’s very hard to edit,” McKenzie says, “because he talks in a very long-winded, circuitous way, [with] lots of caveats, lots of clauses.”

Bankman-Fried is visibly perturbed. He admits that crypto has little public utility thus far as a real currency, that “the majority of people today are using it as a financial asset,” and that there needs to be more oversight. He gets particularly squirmy when McKenzie asks about his political donations and admits, after some prodding, to contributing “in the tens of millions” of dollars.

McKenzie didn’t know at the time of the interview that Bankman-Fried had ordered a line of code that allowed Alameda to “withdraw effectively unlimited amounts of cryptocurrency” from FTX, according to the DOJ. “His empire was collapsing,” McKenzie says. “They were really in shit’s creek already.”

Two days after Bankman-Fried’s arrest, in December 2022, McKenzie testified to the U.S. Senate, recommending that cryptocurrency be reclassified as a security, and be regulated as such. (After having seen Congress host pro-crypto hearings, including with Bankman-Fried, McKenzie had approached multiple representatives about sharing his perspective. It wasn’t until after the arrest that they acquiesced.)

McKenzie also attempted to reach Bankman-Fried in jail, via a note, but received no reply.

“They’re clinging onto hope”

Even after writing a book and making a film, McKenzie feels powerless to change people’s minds: “I was more right than I thought I’d be, and I had less of an effect.”

All the Celsius victims he interviewed—bar none—were still pro-crypto. To them, Celsius itself was just an anomaly. Most are invested in Bitcoin. “They’re clinging onto hope,” he says. “They’re so invested in the idea” that abandoning it would be painful.

Since shooting wrapped in the fall of 2024, he’s grown even more disappointed. Despite the crypto market crashing in 2022, and Bankman-Fried’s sentencing to federal prison, no broader change has come. Partly, that is because Donald Trump was re-elected.

Trump took in a reported $18 million in inauguration donations from crypto firms, passed the first-ever crypto legislation, and has pardoned crypto leaders including Binance founder CZ, who pleaded guilty to money laundering charges. He also launched the Trump meme coin, which House Democrats have called a “pump-and-dump scheme.”

Meanwhile, crypto recovered and surged again; in 2024, Bitcoin’s price had increased more than 400% compared to where it was in 2022. Crypto “is going to be with us for a while,” he says.

Most ironic is how the resurgence affects selling his own documentary. It played at half a dozen film festivals over the past year, and indie film distributor The Forge is helping with the theatrical release. But he knows that a streaming deal will be crucial in getting people to see the film.

Although he won’t name specific streaming companies, he says he’s had meetings with multiple, it’s “crickets.” He senses that they don’t want to touch it given the administration’s crackdown on the media, with the FCC investigating networks, cutting funding, and pressuring for the reshaping of editorial content.

Other movies have struggled in that environment, including 2024’s The Apprentice, about Trump himself and his relationship with lawyer Roy Cohn, which initially couldn’t land a distribution deal. And even after winning an Oscar, Palestinian documentary No Other Land had to self-release after the major streamers declined.

“I think people were afraid,” McKenzie says, adding that “That’s the death of art. That’s the death of free expression.”

For now, McKenzie is looking to get back into acting (especially after having just watched crypto investor and former FTX ambassador Kevin O’Leary appear in an Oscar-winning movie. “It’s a fucked-up world when [he] has a hotter acting career than me”). Still, he knows he’ll be paying attention to crypto “potentially forever.”

The best he can do, he continues, “is say what I saw to the people who are willing to hear it.”