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 crisis and its former CEO Sam Bankman-Fried.
In a Nov. 16 tweet that has been retweeted over 9,000 times at the time of writing, Armstrong suggested that it has been regular citizens, rather than traditional media that has uncovered many of the developments associated with the liquidity crunch and subsequent bankruptcy filing of FTX.
Commenting on a recent New York Times "puff piece," Armstrong said it: "Feels like a turning point for citizen journalism and loss of trust in MSM" — referring to mainstream media.
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.
Crypto Twitter has also been highly critical of the article, with Polygon Studios CEO Ryan Wyatt tweeting at the author of the article that Bankman-Fried had “committed significant crimes” and it was "a disservice to all of those impacted."
Elon Musk has tweeted about the rise of citizen journalism on Twitter multiple times since acquiring the social media network in October.
Mainstream media will still thrive, but increased competition from citizens will cause them to be more accurate, as their oligopoly on information is disrupted
As an example of the rise of blockchain analysis and citizen journalism, on Nov. 5 blockchain tracker Whale Alert shared that just under 23 million FTX Token (FTT), representing approximately 17% of the circulating supply and valued at $584.8 million at the time, had been moved onto Binance.
This event turned out to be one of the first signs of
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