The cryptocurrency community on Twitter has harshly criticized the mainstream media for its poor and biased coverage of the collapse of cryptocurrency exchange FTX.
In a Nov. 18 article in Forbes magazine, Caroline Ellison, CEO of FTX affiliate Alameda Research, was referred to as “Queen Caroline.”
The magazine attempted to portray Caroline Ellison in a neutral light, calling her a “Harry Potter-loving and adventurous math whiz”. The magazine portrayed her as the “new darling of the alt-right,” which many felt was wrong, as former FTX CEO Sam Bankman-Fried and FTX Agency are said to be second only to billionaire George Soros, the second-largest donor to the Democratic Party.
Alameda Research CEO Caroline Ellison is a math whiz with a love of Harry Potter and a sense of adventure. She’s also one of the backers of Sam Bankman-Fried’s FTX disaster, and the new darling of the alt-right.
— Forbes (@Forbes) November 18, 2022
Members of the crypto community took to Twitter to express their disdain for Forbes and other mainstream media coverage of the FTX debacle. Bitcoin educator Dan Held shared in a tweet: “What happened to FTX wasn’t a ‘bug’ or a ‘risky trade gone bad’, it was outright fraud like never before. Crazy mainstream media didn’t bash Karo Lin and SBF.”
What happened to FTX was not a “mistake” or a “risky trade gone bad” but an outright fraud on an unprecedented scale.
It’s crazy that the mainstream media didn’t bash Caroline and SBF.
— Dan Held (@danheld) November 18, 2022
A market analyst with the Twitter handle koreanjewcrypto shared: “MSM [Mainstream Media] Trying to make Sam and Caroline some kind of weird martyr was unfathomable to me. This is totally unacceptable and needs to be held accountable.”
They scammed billions
Many lives ruined, common people, one of my closest friends mom lost everything on FTX
MSM trying to make Sam and Caroline some kind of weird martyr is unfathomable to me
This is totally unacceptable and needs to be held accountable pic.twitter.com/USZA4UZDnv
— King of all Korean Jews (@koreanjewcrypto) November 18, 2022
Carl Zielinski, director of the Princeton Blockchain Club, shared “The NYT and Forbes rivalry in the worst article imaginable in the FTX saga” in response to the Forbes article on Ellison and the NYT’s “brag” about Sam Bankman — – fried.
The New York Times and Forbes Compete for the Worst Entry of the FTX Saga
— CarlZielinski (carlz.eth) (@CarlZielinski) November 18, 2022
Polygon Studios CEO Ryann Wyatt shared in response to Forbes Magazine that “CEO of Alameda Research committed massive fraud and colluded with SBF to ruin many lives” would be a more apt title.
“CEO of Alameda Research, in collusion with SBF to commit massive fraud and ruin the lives of many” would be a more appropriate title.
— Ryan Wyatt (@Fwiz) November 18, 2022
Alex, a physics engineer who goes by ajtourville on Twitter, shared in response to the Forbes article: “The left wing media is actively downplaying #FTX billion-dollar fraud and spearheaded a not-so-subtle PR crisis management campaign for Sam Bankman-Fried and his girlfriend, Caroline Ellison. “
Left-wing media actively downplays #FTX billion-dollar fraud and spearheaded a not-so-subtle PR crisis management campaign for Sam Bankman-Fried and his girlfriend, Caroline Ellison. pic.twitter.com/IAdYGohTL0
— Alex (@ajtourville) November 18, 2022
Others simply criticized Forbes for trying to paint Ellison as “the new darling of the alt-right.” 3D fashion designer @NKdfash shared: “How can she possibly be the darling of the alt-right when her plans literally fund the Democrats? I’m confused”.
How could she possibly be the darling of the alt-right when her plan literally funds the Democrats?i’m confused
— ENKIdigitalfashion.eth (@NKdfash) November 18, 2022
Misogyny in the Crypto Community
Speaking of criticism, some believe that Ellison may be criticized and attacked even more harshly than former FTX CEO SBF.
Online, Ellison faced a barrage of misogynistic comments and vicious attacks from the male-dominated crypto community. Her looks and sexuality have been the object of ridicule and harsh judgment.
A Stanford student with the Twitter account TheMichelleBao commented on the misogyny she witnessed in the cryptocurrency community, noting: “A lot of tweets about Caroline Ellison smack of misogyny. Asking a woman Wouldn’t it be too much of a world to be dismissed as “ugly” for committing massive financial fraud, supporting race science, and being in a ghetto??
So many tweets about Caroline Ellison’s misogyny. Is it too much to ask for a world where women aren’t dismissed as “ugly” for committing massive financial fraud, supporting race science, and being in ghettos?
— Michelle (@TheMichelleBao) November 14, 2022
User Fandango, nicknamed the_co11ector, shared: “Can we stop the misogynistic behavior towards Alameda CEO Caroline Ellison. If you want to attack her, just highlight her obvious lack of morals and the way she makes love throughout the space.”
Can we stop the misogynistic perception of Alameda CEO Caroline Ellison.
If you want to attack her, just highlight her obvious lack of morals and the way she makes love throughout the space.
— Fandango (@the_co11ector) November 12, 2022
Account holder Crypto Bin Laden responded: “No one attacks her because she is a woman. People attack her because she is ugly, not because she is a woman”.
No one attacked her for being a woman. People attacked her because she was ugly, but not because she was a woman.
— CryptoBinLaden (@CryptoBinLaden) November 18, 2022
Ellison’s looks have been heavily mocked. She has been called “ugly,” “ugly,” and even “goblin,” in exaggerated caricatures that continue to circulate as memes online.
related: Sam Bankman-Fried Rumor Mill Rides: Trading Lesson, FBI Extradition, FTX Hack
On Nov. 17, Cointelegraph reported that FTX and Alameda likely colluded from the start, ultimately leading to their collapse. Both entities were created by cryptocurrency businessman Sam Bankman-Fried, who is now being considered by U.S. authorities for his role in the exchange’s collapse.