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The sinking of FTX was a turning point for citizen journalism: Coinbase CEO

Published on

January 16, 2023
Read Time:2 Minute, 38 Second

Coinbase CEO and co-founder Brian Armstrong has praised the work of citizen journalists and blockchain analysts surrounding the unfolding FTX disaster and their former CEO Sam Bankman-Fried.

In a Nov. 16 tweet that has been retweeted over 9,000 occasions on the time of writing, Armstrong indicated that it has been abnormal individuals, fairly than conventional media, which have uncovered lots of the developments surrounding FTX's liquidity disaster and subsequent chapter submitting .

touch upon a youngest "Seems like a turning level for citizen journalism and a lack of confidence in MSM," mentioned Armstrong, the New York Instances "puff piece" — referring to the mainstream media.

Twitter broke just about each a part of this FTX story utilizing blockchain evaluation, whereas NYT puffs a couple of legal.

Seems like a turning level for citizen journalism and lack of belief in MSM.

— Brian Armstrong (@brian_armstrong) November 16, 2022

Crypto Twitter additionally closely criticized the article that includes Polygon Studios CEO Ryan Wyatt tweet the writer of the article, Bankman-Fried had "dedicated vital crimes" and was "a disservice to all involved".

Elon Musk has tweeted has reported on the rise of citizen journalism on Twitter a number of occasions since buying the social media community in October.

Mainstream media will proceed to thrive, however growing competitors from residents will imply they're extra correct as their oligopoly on info is disrupted

— Elon Musk (@elonmusk) November 11, 2022

For instance of the rise of blockchain analytics and citizen journalism, blockchain tracker Whale Alert got here out on November fifth divided that just about 23 million FTX tokens (FTT), representing about 17% of the circulating provide and value $584.8 million on the time, had been moved to Binance.

This occasion turned out to be one of many first indicators of FTX's liquidity crunch, a narrative that hasn't been picked up high from the NYT by way of November eighth.

Blockchain investigators have been additionally the primary to interrupt the information of the FTX hack, with the actions of funds in numerous wallets being intently adopted by Twitter customers, who concluded that the hack was a hack hours earlier than FTX was formally introduced .

Twitter Areas has additionally change into dwelling to "The Roundtable Present," a gathering of crypto group members moderated by Mario Nawfal, offering stay updates and commentary on the FTX saga whereas partaking with the likes of Musk, BankToTheFuture -CEO Simon Dixon, and web entrepreneur Kim Dotcom who've joined 891,499 individuals.

Associated: FTX hacker is now the thirty fifth largest holder of ETH

Whereas Twitter has usually been instrumental in breaking the information and evaluation of the FTX saga, it has additionally harbored its fair proportion of conspiracy theories and outright misinformation.

Bankman-Fried's latest cryptic Twitter thread sparked wildfire rumors on the platform that he was utilizing the newly posted tweets to delete older, doubtlessly incriminating tweets, a principle later debunked.

Twitter customers additionally identified that Bankman-Fried's non-public jet departed from the Bahamas for Argentina on November 12, speculating that he fled there, which he denied, and a supply later advised Cointelegraph that Bankman-Fried was underneath the supervision of the Bahamian authorities.

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Azeez Mustafa
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author.
Last Updated : January 16, 2023
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