Skip to content Skip to sidebar Skip to footer


Several mainstream outlets have published favorable stories about former FTX CEO Sam Bankman-Fried (SBF), much to the disdain of the crypto community.

The collapse of FTX revealed that lax internal controls and risky investment practices can result in a giant financial disaster for the entire industry.

Not only have billions been lost, but the ripple effects have yet to fully dissipate. Counterparty risk is present, and glimpses of this were noted on November 1. 16 as the Gemini Earn Program stopped withdrawals. Likewise, crypto lenders Genesis also suspended redemptions on the same day.

Throughout this debacle, multiple conspiracy theories have been circulating on social media, one of which concerns SBF’s “protected status”.

Tweet about it, @thedefiedge pointed out the injustice of the incarceration without charge of Tornado Cash developer Alexey Pertsev since late August. In the meantime, SBF is free to go about its business.

Similarly, responding to a tweet about SBF’s close ties to the Biden administration, Tesla CEO Elon Musk bluntly stated that his political donations afford him special privileges.

Sam Bankman-Fried remains a mainstream media darling

On Nov. 14, The New York Times (NYT) published an interview article titled “How Sam Bankman-Fried’s Crypto Empire Collapsed.”

Co-host of the NIA podcast, Trung Phan, called it a flaky piece that skipped hard-hitting talking points. Instead, insignificant issues, such as SBF’s sleep pattern, were reported.

The Washington Post ran with an article that largely ignored the negatives, opting instead to focus on his contributions to “pandemic prevention” and political lobbying.

@AutismCapital commented that the article was “2,000 words of marketing material” praising SBF. He added that the media did not reporton remorse or responsibility.

FTX distances itself from SBF

SBF has started publishing a series of weird cryptic tweets on Nov. 14 but eventually posted consistent messages.

The former CEO of FTX tweeted on a wide range of topics including the need for regulation, private messages leaked to friends, explanations of why FTX was liquid (to the best of his knowledge) using “napkin math”, and talking about making clients together.

However, the occasional bizarre tweet was scattered among the lucid posts.

In reference to these public messages, a statement issued by the CEO of FTX John Ray, posted on FTX’s official Twitter account, dismissed any notion that SBF is still involved in the business behind the scenes.

SBF resigned as CEO on November 11. On the 11th, the same day, the exchange filed for Chapter 11 bankruptcy.





Source link

1 Comment

Leave a comment