Citizen journalists and crypto experts have been applauded by the chief executive officer of Coinbase, Brian Armstrong, for their discoveries about the FTX crisis. He also praised their efforts concerning all activities by Sam Bankman-Fried, the exchange’s chief executive officer.
Armstrong tweeted that individual rather than established media had found many developments linked with FTX’s liquidity crisis and eventual bankruptcy declaration.
Armstrong was responding to a New York Times article in which he stated that he believes citizens have reached a tipping point and have lost trust in the MSM, an acronym for mainstream media.
His tweet read, “while the NYT is producing fluff stories on a criminal, Twitter has gone on cracking nearly every piece of the whole FTX story through blockchain analytics.”
Citizen Journalism To Compete With MSM
Since acquiring the social media network in October, Elon Musk has tweeted several times about the emergence of citizen journalism. He stated Twitter’s goal of elevating citizen journalism in a tweet, but he also stated that the media elite would try to prevent this from happening.
Also read:He further noted that the mainstream media would thrive, but the growth of citizen journalism would make them more accurate in their information.
In the last two weeks, blockchain tracker Whale Alert illustrated the rise of blockchain analysis and citizen journalism by sharing necessary FTX data that proved that the company was having a liquidity crisis.
This tweet proved to be one of the early symptoms of FTX’s liquidity crunch, a story that the New York Times did not cover until November 8. After that, blockchain investigators first released the news of the hack of the FTX crypto exchange.
Twitter users closely monitored the movement of funds to different wallets. Then, they concluded that it was a hack. Unfortunately, this incident happened hours before FTX publicly announced the hack.
Twitter has helped break news and insight on the FTX issue several times, but it has also been the home of a fair amount of conspiracies and flat-out fake information.
Meanwhile, Bankman’s recent mystery Twitter thread has caused rumors to spread widely on Twitter. Some claim that he was using recent tweets to delete older tweets. These rumor-mongers also claim that the older tweets were incriminating.
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