A number of mainstream media shops have revealed favorable articles on former FTX CEO Sam Bankman-Fried (SBF) — a lot to the disdain of the crypto neighborhood.
The collapse of FTX has revealed lax inner controls and dangerous funding practices can culminate in a large monetary catastrophe for your entire business.
Not solely have billions been misplaced, however the knock-on results have but to unwind totally. Counterparty threat is current, and glimpses of this had been famous on Nov. 16 because the Gemini Earn Program halted withdrawals. Likewise, crypto lender Genesis additionally suspended redemptions the identical day.
All through this debacle, a number of conspiracy theories have been doing the rounds on social media, one in every of which facilities round SBF’s “protected standing.”
Tweeting about this, @thedefiedge identified the injustice of Twister Money developer Alexey Pertsev’s incarceration with out cost since late August. In the meantime, SBF is free to go about his enterprise.
A Twister money developer continues to be in jail with out formal Costs.
SBF dedicated $10b fraud and is taking part in video video games within the Bahamas.
That is the world we stay in.
— Edgy – The DeFi Edge 🗡️ (@thedefiedge) November 16, 2022
Equally, responding to a tweet about SBF’s shut ties with the Biden administration, Tesla CEO Elon Musk flat-out mentioned his political donations grant him particular privileges.
SBF was a serious Dem donor, so no investigation
— Elon Musk (@elonmusk) November 13, 2022
Sam Bankman-Fried stays a mainstream media darling
On Nov. 14, the New York Occasions (NYT) revealed an interview article titled “How Sam Bankman-Fried’s Crypto Empire Collapsed.”
Co-host of the NIA Podcast, Trung Phan, referred to as it a puff piece that omitted the hard-hitting dialogue subjects. As an alternative, trivial issues, akin to SBF’s sleeping sample, had been reported.
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
The Washinton Put up ran with a chunk that largely omitted the negatives, as an alternative selecting to give attention to his contributions to “pandemic prevention” and political lobbying.
@AutismCapital commented that the article was “2,000 phrases of promoting materials” praising SBF. He added that the media outlet didn’t report “on regret or accountability.”
FTX distances itself from SBF
SBF started posting a collection of weird cryptic tweets on Nov. 14 however ultimately posted coherent messages.
The previous FTX CEO tweeted on a variety of subjects, together with the necessity for regulation, non-public messages to mates being leaked, explanations on why FTX was liquid (to the very best of his data) utilizing “serviette maths,” and discuss of creating prospects entire.
Nevertheless, the occasional weird tweet was dispersed among the many lucid messages.
18) Reality and Magnificence
— SBF (@SBF_FTX) November 16, 2022
In reference to those public messages, an announcement issued by FTX CEO John Ray, posted on the official FTX Twitter account, shot down any notion that SBF continues to be concerned with the corporate behind the scenes.
(3/3) Mr. Bankman-Fried has no ongoing position at @FTX_Official, FTX US, or Alameda Analysis Ltd. and doesn’t communicate on their behalf.
— FTX (@FTX_Official) November 16, 2022
SBF resigned from his place as CEO on Nov. 11, the identical day the trade filed for Chapter 11 chapter.
