What’s Happening:
The media has been abuzz for over a month about the collapse of cryptocurrency investment firm, FTX. This company was once valued at over $30 billion. But in the wake of recent drops in the value of cryptocurrency, the company crumbled. But oddly enough, the mainstream media did little to confront the company’s founder, 30-year-old Democrat donor Sam Bankman-Fried.
Media outlets like the New York Times didn’t bother challenging SBF, despite the fact that evidence was mounting that he fleeced investors. Online journalists pointed out information that suggests SBF was up to no good. But because he was a liberal ally, the left appeared to be trying to protect him.
Now, it looks like his chickens have come home to roost.
From The Post Millennial:
Sam Bankman-Fried, the disgraced former CEO of the collapsing cryptocurrency company FTX, is being investigated by the Justice Department for potentially manipulating the market in a way that led two interrelated cryptocurrency companies to collapse in a chain that eventually led to his own company’s downfall…
The investigation into the two companies is part of a deeper look into how $8 billion of FTX customer funds inexplicably vanished in November. At the same time, Bankman-Fried had a personal net worth of around $16 billion but that reportedly has diminished by 94 percent and he resigned from his position on November 11.
The story of how FTX collapsed has been confused, thanks to the fact that the liberal media carried SBF’s water for him. In the days following his company’s failure, he went to great lengths, it seems, to paint himself as a victim.
But now, it seems like he can no longer hide. Even the NYT is reporting that SBF is being accused of manipulating the curries of two crypto companies (TerraUSD and Luna) to benefit his company and Alameda Research. Alameda Research was run by Caroline Ellison, whom many online journalists pointed out was SBF’s partner.
Now, the SEC is finally getting involved, opening a criminal investigation into what SBF has done. Many indie journalists have compared SBF to Bernie Madoff, a businessman outed in 2008 over an infamous Ponzi scheme. At the time, Madoff conned countless investors, including famed Hollywood directors.
Madoff became enemy number one and was treated like the scum of the earth, by just about everyone. Today, some have considered what SBF allegedly did was much worse than Madoff, yet he was given a pass at first by the media.
Was it because he donated millions to Democrats and media outlets? We can’t say for sure. But the moment the Feds started sniffing around, the media turned on him. It could be that they will blame SBF for the recent decline in cryptocurrencies.
He could become their scapegoat for plenty.
Key Takeaways:
- The DOJ is investigating FTX founder Sam Bankman-Fried for manipulating the crypto markets.
- SBF was a noted Democrat megadonor, who once promised to donate $1 billion to Joe Biden.
- The media previously protected him, but are now outing his alleged crimes.
Source: The Post Millennial
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