Coinbase CEO Hails Crypto community, Criticizes New York Times Media

Following a series of revelations leading to the collapse of FTX exchange, the CEO of Coinbase Brian Armstrong has commended the efforts of crypto analysts on Twitter, stressing that their pieces of info uncovered the myth, as per a post.

Twitter has broken just about every piece of this FTX story using blockchain analytics, while NYT is writing puff pieces on a criminal.

Feels like a turning point for citizen journalism and loss of trust in MSM.

— Brian Armstrong (@brian_armstrong) November 16, 2022

Armstrong went further to criticize the New York Times media, stressing that it only concentrated on writing ‘puff pieces on a criminal.’ This was not unconnected to NYT reports on former FTX CEO Sam Bankman-Fried.

He asserted that the outturn of events about FTX is a good sign that citizen journalism is taking charge while less trust will be confided in mainstream media.

In the same vein, creator of Dogecoin, Shibetoshi Nakamoto, chastised NYT, saying that the article was a total absurd garbage.

that NYT article was total absurd garbage

— Shibetoshi Nakamoto (@BillyM2k) November 16, 2022

Earlier, Twitter owner Elon Musk tweeted that the social media platform will elevate citizen journalism as it will compel mainstream media to be more accurate.

Mainstream media will still thrive, but increased competition from citizens will cause them to be more accurate, as their oligopoly on information is disrupted

— Elon Musk (@elonmusk) November 11, 2022

Recall that the social media platform Twitter played a significant role in the chain of events leading to the collapse of the third’s largest centralized crypto exchange FTX.

On Nov. 5, blockchain tracker Whale Alert posted that around 23 million FTX Token, approximately 17% of the total circulating supply, which was valued at $584.8 million then was moved to Binance.

🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 22,999,999 #FTT (584,818,174 USD) transferred from unknown wallet to #Binancehttps://t.co/Nm2jz9MKW0

— Whale Alert (@whale_alert) November 5, 2022

The information was later confirmed by Binance CEO Changpeng Zhao (CZ), who explained that the transaction was in light of the collective decision of Binance to liquidate its FTT tokens.

Additionally, Blockchain investigators were the first to disclose the hacking of the now-bankrupt FTX exchange following the movement of funds to different wallets before the news was amplified by traditional media.

Emerging Twitter Activities on the Crypto Industry

While recent activities on Twitter have led to the unravelling of many covert dealings in the crypto space, it should be noted rumours have also been uncontainable.

Recently, rumours that crypto exchanges like Huobi and Gate.io are likely bankrupt have spread like wildfire on Twitter but it was subsequently dismissed.

Also, there was a rumour that the embattled Bankman-Fried has fled The Bahamas for Argentina through his private jet but it has also been dismissed.

SBF FOUNDER OF #FTX FLED BAHAMAS AND HAS LANDED IN SAN FERNANDO ARGENTINA 🇦🇷 pic.twitter.com/J5JJFEG6a9

— That Martini Guy ₿ (@MartiniGuyYT) November 12, 2022