FTX and Alameda frontman Sam Bankman-Fried Relation between Mainstream Media
After the bankruptcy of the third largest crypto exchange in the world FTX a crypto biggest FUD in 2022, Sam Bankman-Fried used a user fund that is legally a criminal act but here the mainstream media Present SBF and Alameda CEO Caroline like an angle.
Read More: Story Behind FTX Exchange and Alameda Research Collapse
Mainstream Media After FTX Exchange Saga
Forbes painting Caroline as an innocent nerd stuck in a bad situation: -Describe her as a ‘math whiz’ who ‘loves Harry Potter’ -Try to absolve her by painting her as a “rare female leader in male-dominated industry” & victim of “nasty criticism”
— Crypto Avanza (@AvanzaCrypto) November 20, 2022
Why Mainstream Media covering Postive side of Sam Bankman-Fried
There are a few of them.
The first is some kind of sunk-cost fallacy.
A big reason why SBF/FTX became well-known was because the media helped it. These publications have been putting out good things for a long time. They probably feel like they have to defend the image they helped make.
The second reason is because of money.
SBF FTX was putting money directly into many media companies, such as propublica & semafor.
Bankman-face Fried’s has been on the most coveted business magazine covers in the world, including Fortune (“The next Warren Buffett?”) and Forbes (“Only Zuckerberg has been as rich (23 billion) at this age (29)!”). Jim Cramer, a host on CNBC, once compared Bankman-Fried, who has only been in crypto finance for a few years, to John Pierpont Morgan, a business giant who worked in banking for almost 40 years before going out on his own.
Also, Forbes has a partnership with Whale Media, which got money from Binance (who held FTT).
Sam Bankman-Fried 2nd most Democrate Donor
I think the last point has to do with politics.
SBF gave a lot of money to Democrats (the second most to the Biden campaign as a whole).
Almost every mainstream media outlet has a political leaning & SBF fit well with the views many of them were trying to push
They just lost their best and brightest.
Crypto twitter were the first ones to start raising the alarms on SBF, while most of the media was still fawning over him. FTX and Alameda is like a chess which is played by SBF to mainuplated the market and media trends.