From the NY Times to WaPo, the media flatters Bankman-Fried

The mainstream media just can't seem to stop drooling over the disgraced FTX founder.
Opinion
Nearly three weeks have passed since FTX founder Sam “SBF” Bankman-Fried announced that his exchange was facing a deep liquidity crunch, couldn’t come up with a bailout plan. last minute and was forced to file for Chapter 11 bankruptcy. The insolvency affected millions of investors, leaving many portfolios completely wiped out.

Bankman-Fried openly admitted that FTX lent client deposits to Alameda Research, FTX's sister hedge fund, although he called it an error caused by "confusing internal labeling." FTX's Terms of Service explicitly state that client funds will never be loaned to other financial institutions or used by FTX for proprietary transactions. Sam publicly stated in a now-deleted tweet: "We don't invest client assets (even in treasuries).

The broader crypto markets have bled red in response, and other industry stalwarts now face insolvency risk, with the contagion spreading to Genesis, Grayscale and many other companies that held assets on FTX or who Alameda Research owed money to.

Related: Drop of FTX and Sam Bankman-Fried Could Be Good for Crypto

FTX's new CEO, John Ray III, said in court documents, "Never in my career have I seen such a complete failure of corporate controls and such a complete lack of financial reporting. reliable as has happened here." In the same court documents, FTX admitted that it may have over a million creditors, the majority of which were users who lost money when SBF took it and loaned it to Alameda Research for its proprietary trading activity.

Following the actions of Bankman-Fried, it is deeply appalling that mainstream media like the Wall Street Journal, New York Times, Washington Post, Forbes and many others have covered the FTX scandal and the ensuing meltdown with kid gloves, refusing to call out Bankman-Fried and his entourage for using and misusing client funds.

Undoing culture has wiped out a lot of people, but the @WSJ and

Crypto Nov 29, 2022 0 66 Add to Reading List

From the NY Times to WaPo, the media flatters Bankman-Fried

The mainstream media just can't seem to stop drooling over the disgraced FTX founder.

From the NY Times to WaPo, the media is fawning over Bankman-Fried

Opinion

Nearly three weeks have passed since FTX founder Sam “SBF” Bankman-Fried announced that his exchange was facing a deep liquidity crunch, couldn’t come up with a bailout plan. last minute and was forced to file for Chapter 11 bankruptcy. The insolvency affected millions of investors, leaving many portfolios completely wiped out.

Bankman-Fried openly admitted that FTX lent client deposits to Alameda Research, FTX's sister hedge fund, although he called it an error caused by "confusing internal labeling." FTX's Terms of Service explicitly state that client funds will never be loaned to other financial institutions or used by FTX for proprietary transactions. Sam publicly stated in a now-deleted tweet: "We don't invest client assets (even in treasuries).

The broader crypto markets have bled red in response, and other industry stalwarts now face insolvency risk, with the contagion spreading to Genesis, Grayscale and many other companies that held assets on FTX or who Alameda Research owed money to.

Related: Drop of FTX and Sam Bankman-Fried Could Be Good for Crypto

FTX's new CEO, John Ray III, said in court documents, "Never in my career have I seen such a complete failure of corporate controls and such a complete lack of financial reporting. reliable as has happened here." In the same court documents, FTX admitted that it may have over a million creditors, the majority of which were users who lost money when SBF took it and loaned it to Alameda Research for its proprietary trading activity.

Following the actions of Bankman-Fried, it is deeply appalling that mainstream media like the Wall Street Journal, New York Times, Washington Post, Forbes and many others have covered the FTX scandal and the ensuing meltdown with kid gloves, refusing to call out Bankman-Fried and his entourage for using and misusing client funds.

Undoing culture has wiped out a lot of people, but the @WSJ and