When the world realized the fraud Sam Bankman-Fried (SBF) dedicated to constructing his FTX empire, fellow entrepreneurs, buyers and long-time believers unanimously acknowledged the harm induced to the credibility of the crypto ecosystem. Alternatively, mainstream media — that predominantly attacked crypto through destructive speculations — has seemingly taken sides with SBF whereas paying no heed to the losses exceeding billions of {dollars} incurred by most of the people.
Whereas SBF refuses to work together with Crypto Twitter, the identical group he as soon as known as house, he featured in a New York Instances (NYT) article on Nov. 14, attempting to elucidate the sequence of occasions that led to the autumn of the crypto change FTX. Surprisingly, the article’s tone didn’t resonate with the group, as many suspected a bias given SBF’s robust ties with U.S. politics.
As rightfully identified by Bloomberg journalist Trung Phan, the “puff piece on SBF” fails to say the assorted frauds and crimes dedicated by the entrepreneur. As a substitute, the NYT selected to report an angle nobody anticipated.
Phrase rely NYT’s puff piece on SBF:
“Fraud”: 0
“Enron”: 0
“Crime”: 0
“Illiquid”: 0
“Stolen”: 0
“Hidden”: 0
“Legal”: 0
“Again door”: 0
“He is getting sleep”: 1 pic.twitter.com/htbte8IyPI— Trung Phan (@TrungTPhan) November 15, 2022
Crypto entrepreneurs, together with Polygon Studios CEO Ryan Wyatt, angel investor Balaji Srinivasan and billionaire Elon Musk, brazenly criticized NYT for attempting to vary the narrative. Stating the apparent, Wyatt defined to the NYT writer how SBF dedicated important monetary crimes, including:
“It’s only a disservice to all of these impacted, and it’s disheartening to see all of this simply skimmed over like he made a easy mistake.”
Srinivasan accused the New York Instances of protecting up the crimes dedicated by Sam Bankman-Fried. “Nothing SBF says could be trusted. Nothing NYT says could be trusted both,” mentioned Srinivasan whereas asking Crypto Twitter to mass block the media outlet for spreading disinformation.
The speak of the city, Elon Musk, cemented the above accusations by asking a easy query on his recently-purchased social media platform:
“Why the puff piece @nytimes?”
At a time when entrepreneurs try to remediate the destruction induced to the crypto ecosystem, the group retains a detailed on mainstream media’s try to vary the narrative. It is very important be aware that different mainstream media retailers, comparable to CNBC, The Monetary Instances and The Wall Road Journal, have precisely reported on the wrongdoings of SBF.
Associated: FTX collapse might see crypto sector layoffs speed up
In a latest ask-me-anything (AMA) session carried out on Nov. 14, Binance CEO Changpeng Zhao requested buyers to take accountability for his or her funding selections as an alternative of purely blaming dangerous actors like FTX.
“As a person, you even have accountability — you’ll be able to’t simply blame the entire accountability to different folks. When dangerous issues occur, in the event you blame the entire accountability, if it’s at all times to different folks, you’ll by no means achieve success,” CZ defined.
