Following an investigation by the crypto sphere in November, SBF was revealed to have misappropriated and manipulated user funds, which finally caused the collapse of the FTX-centered empire.
Which Is A Significant Effect On The Cryptocurrency Ecosystem?
As Google searches for FTX’s former CEO Sam Bankman-Fried (SBF) shot through the roof in November 2022, the company’s collapse had the most significant effect on the cryptocurrency ecosystem. Major media coverage, enormous losses, and political linkages are some of the trend’s strongest motivators.
FTX Token FTT, an asset created by FTX, was discovered to be held in substantial quantities by SBF’s business Alameda Research on November 2. As a result, SBF’s credibility was damaged. In the two weeks that followed, the crypto sphere looked into the matter and determined that SBF had been deceiving and stealing consumers’ money. As a result, the empire of almost 130 enterprises he had amassed fell.
On the one hand, Caroline Ellison and SBF received harsh criticism from the crypto community. However, mainstream media released “puff pieces” to downplay SBF’s wrongdoings, denounced by executives from Tesla and Binance, among others, including Changpeng Zhao, CEO of Binance.
Crypto Twitter fiercely resisted attempts by the mainstream media to twist the story surrounding SBF, piqued people’s interest, and made them DYOR (do your research) into the topic.
Read more: Does SBF offer inducements to the press?
Information from infamous crypto celebrities’ Google searches. the Google Trends website
Google searches for the topic “Sam Bankman-Fried consequently increased in November. Do Kwon, co-founder and CEO of Terraform Labs; Su Zhu, co-founder and CEO of Three Arrows Capital; and Craig Wright, a Satoshi Nakamoto imposter, were overtaken by the interest in SBF.
Which Is The Worst Mistake In Cryptocurrency History?
According to Google Trends data, searches for SBF are 185.7% more now than they were for Do Kwon when Terra LUNA failed in May 2022. Up until SBF overtook LUNA six months later, the collapse of LUNA was regarded as the worst mistake in cryptocurrency history.
Read more: Binance CEO advises cryptocurrency purchasers
The financial crimes investigative board in Turkey, MASAK, confiscated SBF’s assets amid ongoing investigations. Thus the FTX dust has yet to settle.
Is FTX mishandling customer?
After discovering “criminal suspicion” of FTX mishandling customer assets, failing to safely keep user funds, and engaging in market manipulation, the seizure was made.
Read more: Latest Revelation From The FTX Case