FTX downfall was a turning point for citizen journalism: Coinbase CEO


Coinbase CEO and co-founder Brian Armstrong have applauded the work of citizen journalists and blockchain analysts surrounding the unfolding FTX crisis and its former CEO Sam Bankman-Fried.

In a Nov. 16 tweet that has been retweeted over 9,000 times at the time of writing, Armstrong suggested that it has been regular citizens, rather than traditional media that has uncovered many of the developments associated with the liquidity crunch and subsequent bankruptcy filing of FTX.

How To Get Free Crypto  

Commenting on a recent New York Times “puff piece,” Armstrong said it: “Feels like a turning point for citizen journalism and loss of trust in MSM” — referring to mainstream media.

Crypto Twitter has also been highly critical of the article, with Polygon Studios CEO Ryan Wyatt tweeting at the author of the article that Bankman-Fried had “committed significant crimes” and it was “a disservice to all of those impacted.”

Elon Musk has tweeted about the rise of citizen journalism on Twitter multiple times since acquiring the social media network in October.

As an example of the rise of blockchain analysis and citizen journalism, on Nov. 5 blockchain tracker Whale Alert shared that just under 23 million FTX Token (FTT), representing approximately 17% of the circulating supply and valued at $584.8 million at the time, had been moved onto Binance.

Coinbase Banner  

This event turned out to be one of the first signs of FTX’s liquidity crises, a story that was not picked up by the NYT until Nov. 8.

Blockchain investigators were also the first to break the news of the FTX hack, with the movements of funds to different wallets being closely tracked by Twitter users who deduced it was a hack hours before FTX’s official announcement.

Twitter Spaces has also become home to “The Roundtable Show,” a gathering of crypto community members hosted by Mario Nawfal which has been providing live updates and commentary on the FTX saga as it develops with figures such as Musk, BankToTheFuture CEO Simon Dixon, and internet entrepreneur Kim Dotcom who have joined with 891,499 people tuning in.

Related: FTX hacker is now the 35th largest holder of ETH

While Twitter has often been instrumental in breaking news and analysis on the FTX saga, it also has harbored its fair share of conspiracy theories and outright false information.

FreeBitcoin Banner  

Bankman-Fried’s recent cryptic Twitter thread caused wildfire rumors on the platform that he was using the newly posted tweets to delete older, possibly incriminating ones, a theory that was later debunked.

Twitter users also pointed to Bankman-Fried’s private jet leaving The Bahamas for Argentina on Nov. 12 and speculated he was fleeing there, which he denied, and a source later told Cointelegraph that Bankman-Fried was under supervision by Bahamian authorities.

Go to Source
Author: Luke Huigsloot

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.