When the world realized the fraud Sam Bankman-Fried (SBF) dedicated to constructing his FTX empire, fellow entrepreneurs, traders and long-time believers unanimously acknowledged the harm brought about to the credibility of the crypto ecosystem. Then again, mainstream media — that predominantly attacked crypto through unfavourable 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 Occasions (NYT) article on Nov. 14, attempting to clarify the sequence of occasions that led to the autumn of the crypto trade FTX. Surprisingly, the article’s tone didn’t resonate with the group, as many suspected a bias given SBF’s sturdy 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 an alternative, 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
“Felony”: 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 alter the narrative. Mentioning the apparent, Wyatt defined to the NYT writer how SBF dedicated vital 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 Occasions of overlaying up the crimes dedicated by Sam Bankman-Fried. “Nothing SBF says might be trusted. Nothing NYT says might be trusted both,” mentioned Srinivasan whereas asking Crypto Twitter to mass block the media outlet for spreading disinformation. The discuss 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 are attempting to remediate the destruction brought about to the crypto ecosystem, the group retains an in depth on mainstream media’s try to alter the narrative. It is very important observe that different mainstream media retailers, equivalent to CNBC, The Monetary Occasions and The Wall Avenue Journal, have precisely reported on the wrongdoings of SBF.Associated: FTX collapse may see crypto sector layoffs speed upIn a latest ask-me-anything (AMA) session performed on Nov. 14, Binance CEO Changpeng Zhao requested traders to take accountability for his or her funding selections as a substitute of purely blaming dangerous actors like FTX.“As a consumer, you even have accountability — you possibly can’t simply blame the entire accountability to different individuals. When dangerous issues occur, for those who blame the entire accountability, if it’s all the time to different individuals, you’ll by no means achieve success,” CZ defined.
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