Unusual Days in Crypto as Citizen Journalism Takes Over

Cryptocurrencies and Bitcoin Coverage by Mainstream Media
The mainstream becomes far more aware of Bitcoin and other cryptocurrencies when markets reach all-time highs or experience sell-offs, collapses, and disasters. Although the most of the major events at the moment are negative, there are some confusing aspects of the way the media is covering them, and a clear gap has emerged between citizen journalism, other online analysis, and mainstream media outlets.

Naturally, the tale at the heart of (and fueling) the storm is that of the now-bankrupt FTX and its sister company, Alameda Research, which founder and former CEO Sam Bankman-Fried has run to the ground. In addition to running his disintegrating business in an astonishingly haphazard fashion, Bankman-Fried is facing accusations of embezzling millions of dollars from customers, causing industry disruption, and accepting large sums of money in political contributions. It also appears that client cash have been embezzled.

Even though FTX is being investigated by the US Justice Department and the SEC in The Bahamas, where company has its headquarters, Bankman-Fried seems to be continuing his opulent lifestyle. Things are about to become more crazier this week when the disgraced Founder of FTX, along with Mark Zuckerberg, Janet Yellen, and Volodymyr Zelensky, is expected to speak at the New York Times’ DealBook event. However, rumours have it that Bankman-Fried might not be present in person.

To put things into perspective, imagine how it would have appeared if, just a few weeks after his crimes were revealed, Bernie Madoff had accepted an invitation to talk publicly about business at a posh urban event, having spent the time between living his ordinary life.

It would seem sense that the tech and financial media, particularly in the US, would be drawing attention to Bankman-Fried’s alleged misdemeanours and showing some interest in learning why and how long he may keep taking vacations in the Caribbean. In addition to the unsettling oddity of the New York speech, there have been a number of mainstream stories that seem to be whitewashing the FTX narrative and diverting attention away from the protagonists’ deeds for various reasons.

Various Studies
It’s only evident in mainstream media outlets that there is a lack of interest in providing in-depth coverage of Bankman-Fried and the disarray within his firms; on the internet, especially Twitter, things are quite different. There is the other, more significant field of investigative research and open speculation, where requests are made that Bankman-Fried be held legally accountable for his conduct rather than making small talk. Leading the way is a well-known influencer in the rapidly emerging field of independent crypto media.

BitBoy, real name Ben Armstrong, has a sizable fan base on his own YouTube channel. Despite having his own share of controversy in the past, this controversial figure has received a lot of sympathy for his outspoken criticism of FTX and Bankman-Fried.

He attempted to personally confront Bankman-Fried last weekend by flying to The Bahamas, with updates provided in real time on social media. Although Bankman-Fried has managed to avoid Armstrong as of this writing, the latter’s quest has attracted a lot of positive online attention. Several onlookers drily remarked that they thought Armstrong would be arrested for a harassment-related infraction before SBF was prosecuted for financial offences, and given how skewed the situation is, they could have a point.

Novel Frameworks for Evolving Times
Maybe this is all a prelude to a new model that will be released soon.
Social media, traditional journalism, and cryptocurrency intertwined on entry strains
The fact that this story is developing simultaneously is noteworthy. Elon Musk liberalises Twitter, emphasising the value of free speech and resuming previously terminated accounts. This calls for more support for unbiased journalism.
Our times are chaotic, marked by profound technological changes, and all of a sudden, social media, traditional journalism, and cryptocurrencies find themselves entwined on the front lines, with FTX and its damage serving as the impetus.
The foundation of cryptocurrency is decentralisation, which means less energy clumping and more verification than belief. It seems that this direction change is both cultural and technological, and it’s happening not just in money and banking but also in journalism and the media.