New York Times taking soft take at bankrupt Crypto FTX
New York Times taking soft take at bankrupt Crypto FTX

New York Times taking soft take at bankrupt Crypto FTX

The Crypto industry has been witnessing its worst time in history, with the back-to-back fall of major crypto companies like Terra in may this year and the recent FTX fall.

Although the crypto industry’s recent negative issues are considered a serious issue in public order, these scenarios are not completely scrutinized by the news platforms like the New York Times, which seem to be taking a lenient approach towards the unethical business practices done by major cryptocurrency companies in recent times.

 

New York Times taking soft take at bankrupt Crypto FTX
source : firstversions.com

 

In one of its recent articles, the New York Times has been depicting the former CEO of FTX  just as a troubled businessman who made some bad investments in his career and he is not responsible for the loss of the currency industry neither there any a House of Cards recipe into FTX platform.

What is New York Times?

The New York Times is 170+ years old American daily news publishing platform. New York Times also called NYT and times, is a newspaper that is considered to be one of the most recognized newspapers globally for all the news coverages and perspectives on globally important issues.

NYT  is considered to be the oldest and most widely recognized newspaper.  The perspectives and issues discussed by this newspaper are considered to be widely recognized by Global leaders and readers.

What is the view of NYT on the FTX saga?

Contrary to all the retail investor’s widespread sayings and public opinions, the New York Times is seen to be lenient on the recent FTX saga carried out by its former CEO Sam Bankman and the newspaper seems considering all these mistakes by the formal FTX CEO just some troubled decisions bad investment moves. Newspaper in a recent issue is not focusing on the reasonable question of how a currency platform can have a valuation of $32 billion in 2021 and can crumble down to zero in such a small period.

 

New York Times taking soft take at bankrupt Crypto FTX
source : poynter.org

The article also pointed out that the FTX platform borrowed money from its sister company Almanda research which as per the reports by Reuters is not the reality and around $4 billion of investment was done by the FTX platform into Almanda Research. These funds were the investments of retail customers into the FTX platform and were diverted to Almanda Research company, which is not considered the legally correct move as per US laws. The New York Times has ignored this and mentioned that FTX has borrowed some money from its sister company Almanda Research and so these transactions were carried out in the balance sheet of Almanda Research.

Instead of focusing on the mischiefs done by the former FTX CEO, the newspaper issue is focusing on the present state of mind of the former FTX CEO and mentions that he has been making his mind calm by proper sleep and playing video games.