Big Media watchdogs of the cryptocurrency industry were seemingly caught off guard by the extent of the collapse of FTX and the downfall of Sam Bankman-Fried, who some pundits had crowned the next Warren Buffet. Sam Bankman-Fried Were they really?
According to a Nov. 15 report by Tablet magazine’s Ashley Rindsberg, FTX CEO Sam Bankman-Fried “dispersed investments, advertising dollars, sponsorships, and donations to key news outlets — including ProPublica, Vox, Semafor, and The Intercept — with extraordinary effectiveness.”
What did SBF’s bankrolling of Big Media outlets buy?
Plenty of glowing coverage and a hands-off approach to SBF’s sketchy empire, Rindsberg writes:
“With all of the puff pieces from the press, there was apparently little interest in investigating SBF’s web of interlocking firms. A number of high profile outlets best known for investigative reporting took money from Bankman-Fried — in some cases money earmarked to fund investigative journalism — and yet did little, it appears, to investigate the source of those funds.”
Rindsberg cited a $5 million pledge to ProPublica from SBF’s family foundation, Building a Stronger Future.Vox, which published a March 2021 interview with Bankman-Fried, praised his “civic-mindedness,” which was guided by an algorithm-like statement of purpose: “Make a tremendous amount of money by […]
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