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 disaster and its former CEO Sam Bankman-Fried.

In a Nov. 16 tweet that has been retweeted over 9,000 occasions on the time of writing, Armstrong recommended that it has been common residents, fairly than conventional media that has uncovered most of the developments related to the liquidity crunch and subsequent bankruptcy filing of FTX.

Commenting on a recent New York Occasions “puff piece,” Armstrong stated it: “Seems like a turning level for citizen journalism and lack of belief in MSM” — referring to mainstream media.

Crypto Twitter has additionally been highly critical of the article, with Polygon Studios CEO Ryan Wyatt tweeting on the creator of the article that Bankman-Fried had “dedicated vital crimes” and it was “a disservice to all of these impacted.”

Elon Musk has tweeted in regards to the rise of citizen journalism on Twitter a number of occasions since acquiring the social media network in October.

For example of the rise of blockchain evaluation and citizen journalism, on Nov. 5 blockchain tracker Whale Alert shared that slightly below 23 million FTX Token (FTT), representing roughly 17% of the circulating provide and valued at $584.8 million on the time, had been moved onto Binance.

This occasion turned out to be one of many first indicators of FTX’s liquidity crises, a narrative that was not picked up by the NYT till Nov. 8.

Blockchain investigators have been additionally the primary to interrupt the news of the FTX hack, with the actions of funds to completely different wallets being intently tracked by Twitter customers who deduced it was a hack hours earlier than FTX’s official announcement.

Twitter Areas has additionally turn out to be dwelling to “The Roundtable Present,” a gathering of crypto group members hosted by Mario Nawfal which has been offering stay updates and commentary on the FTX saga because it develops with figures similar to Musk, BankToTheFuture CEO Simon Dixon, and web entrepreneur Kim Dotcom who’ve joined with 891,499 folks tuning in.

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

Whereas Twitter has usually been instrumental in breaking information and evaluation on the FTX saga, it additionally has harbored its justifiable share of conspiracy theories and outright false info.

Bankman-Fried’s latest cryptic Twitter thread caused wildfire rumors on the platform that he was utilizing the newly posted tweets to delete older, probably incriminating ones, a concept that was later debunked.

Twitter customers additionally pointed to Bankman-Fried’s non-public jet leaving The Bahamas for Argentina on Nov. 12 and speculated he was fleeing there, which he denied, and a supply later instructed Cointelegraph that Bankman-Fried was under supervision by Bahamian authorities.