The Crypto Community Reacts to Mainstream Media Coverage of FTX’s Implosion: Criticism, Misogyny, and More | Techy Kings


The crypto community on Twitter is strongly criticizing the mainstream media for its poor and biased coverage of the collapse of the cryptocurrency exchange FTX.

In a piece published on November 18 by Forbes Magazine, the CEO of FTX subsidiary Alameda Research, Caroline Ellison, has been called “Queen Caroline”.

The magazine tries to portray Caroline Ellison in a neutral light by simply calling her “a math major who loves Harry Potter and takes big risks.” The paper paints her as “a new darling of the alt-right,” which many call simply false because former FTX CEO Sam Bankman-Fried and the FTX establishment were allegedly known as the second largest donor to Democrats after the billionaire George Soros.

Members of the crypto community took to Twitter to express their disdain for Forbes and other mainstream media outlets for their coverage of FTX’s collapse. Bitcoin educator Dan Held shared in a tweet: “What happened with FTX was not a ‘mistake’ or ‘risky trade gone bad’ it was outright fraud on an unprecedented scale. Totally crazy that the mainstream media isn’t slamming Caroline and SBF.”

Market analysts, who go by the Twitter handle koreanjewcrypto, shared: “MSM [Mainstream Media] Trying to make Sam and Caroline into some weird type of martyr is unfathomable to me. It is completely unacceptable that there must be accountability”.

The director of the Princeton Blockchain Club, Carl Zielinski, shared “The NYTimes and Forbes are competing to have the WORST piece on the FTX saga imaginable” in response to the Forbes article on Ellison and The New York Times “puff piece” on Sam Bankman- Fried.

Ryann Wyatt, CEO of Polygon Studios, said in response to Forbes Magazine: “Alameda Research CEO, who committed massive fraud and ruined the lives of many people in league with SBF” is the more appropriate title.”

Alex, a physics engineer with the Twitter handle ajtourville, shared in a response to the Forbes article: “Left-leaning media actively denigrate #FTX Multi-billion dollar FRAUD as well as leading a not-so-subtle PR crisis management campaign for Sam Bankman-Fried and his girlfriend Caroline Ellison.”

Others simply criticized Forbes for trying to portray Ellison as “a new darling of the alt-right.” 3D fashion designer @NKdfash shared “How can she be a darling of the right when her plan literally funded the Democrats? I’m so confused”.

Misogyny in the crypto community

When it comes to criticism, some have argued that Ellison can take harsher criticism and attacks, even more so than SBF, the former CEO of FTX.

Online, Ellison faces a barrage of misogynistic comments and vile attacks from the male-dominated crypto community. Her appearance and sexuality have been the subject of ridicule and harsh judgment.

Stanford student with the Twitter handle TheMichelleBao commented on the misogyny she witnessed within the crypto community, saying: “so many of these tweets about caroline ellison reek of misogyny. is it too much to ask for a world where women are not denigrated as ‘ugly’ for committing massive financial scams and supports racial science and is in a polycule??”

User Fandango, who goes by the handle the_co11ector, shared: “Can we stop the misogynistic views of Caroline Ellison, Alameda’s CEO. If you want to tear her down, just point out her clear lack of ethics and how she’s bullshitting all over the place.”

To which the account holder Crypto Bin Laden replied: “No one attacks her because she is a woman. People attack her because she is ugly, but not because she is a woman”.

Ellison’s appearance has been the subject of intense ridicule. She has been called a “bird,” “creepy,” and even a “troll,” and exaggerated caricatured images of her continue to circulate online as memes.

Related: Sam Bankman-Fried rumor mill runs amok: Trading rate, FBI extradition, FTX hack

On November 17, Cointelegraph reported that FTX and Alameda likely colluded from the very beginning, which ultimately contributed to their collapse. Both entities were created by crypto businessman Sam Bankman-Fried, who is now being considered for extradition by US authorities for his role in the stock market collapse.