- NYTimes article on Nov 14 about the downfall led to much controversy on Twitter.
- Sam Bankman Fired and refuses to interact with Crypto Twitter.
When the world learned about the deception Sam Bankman-Fried (SBF) committed to creating his FTX empire, business associates, investors, and ardent supporters agreed that the crypto ecosystem had suffered. On the other hand, mainstream media, which had previously used unfavorable speculative attacks to attack crypto, now appears to be siding with SBF, paying no attention to the losses totaling billions of dollars that ordinary people have suffered.
While the SBF has refused to interact with the crypto Twitter, the same community he called home. He has featured in a New York Times (NYK) article on Nov 14 that explained the sequence of the downfall of the crypto exchange and it was astonishing that the tone of the article doesn’t connect with society since many believed it to be biased because of SBF’s close ties to American politics.
Reaction To The New York Times Article
As reacted to this morning, Head of OTC Options Trading Kraken Juthica questioned how the New York Times did hit on the pieces on Jesse Powell and Brian Armstrong, as well as softballs on the SBF.
In response, Kraken CEO Powell stated that the media must accept responsibility for its role in justifying and boosting this failing pyramid scam. Victims would not have been so trusting with their money if it hadn’t been for the media’s support and never-ending puff pieces. Even now, they minimize the incident. He also added that facing the theft wrecks many innocent people and that the NYT is now backing them.
In response, NYTimes reporter Ryan Mac Tech tweeted
I agree that there should be a deeper examination into the treatment of SBF and FTX — by the media, investors, and industry supporters — but I don't agree with the premise that there is a dichotomy in how certain crypto companies are critically covered here. pic.twitter.com/LEgXiX1JGb— Ryan Mac 🙃 (@RMac18) November 15, 2022
To demonstrate their correctness, Elon Musk, CZ, Bloomberg journalist Trung Phan, Polygon Studios CEO Ryan Wyatt, and many others have openly criticized the New York Times.