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Crypto community reacts to mainstream media coverage of FTX’s implosion: criticism, misogyny and more

The crypto community on Twitter is heavily criticizing the mainstream media for its poor and biased coverage of the collapse of cryptocurrency exchange FTX.

In a piece published by Forbes Magazine on Nov. 18, the CEO of FTX’s affiliate company Alameda Research, Caroline Ellison, was dubbed “Queen Caroline.”

The magazine attempts to portray Caroline Ellison in a neutral light by simply calling her “a math whiz who loves Harry Potter and takes big risks.” The magazine paints her as “a new darling of the alt-right”, which many call simply false, as former FTX CEO Sam Bankman-Fried and the FTX establishment were allegedly known as the second largest donor to the Democrats after billionaire George Soros.

Members of the crypto community took to Twitter to express their disdain at Forbes and other mainstream media for their coverage of FTX’s collapse. Bitcoin educator Dan Held shared in a tweet: “What happened to FTX was not a “mistake” or “dangerous trade gone bad”, it was outright fraud on an unprecedented scale. Crazy that mainstream media didn’t for Caroline and SBF don’t complain.”

Market analyst, who goes by the Twitter handle koreanjewcrypto, shared, “MSM [Mainstream Media] trying to make Sam and Caroline into some weird type of martyr is unfathomable to me. It’s just completely unacceptable, there has to be accountability”.

The director of the Princeton Blockchain Club, Carl Zielinski, shared “NYTimes and Forbes vying to have the WORST piece imaginable on the FTX saga” in response to Forbes’ article on Ellison and The New York Times’ “puff piece” on Sam Bankman- Fried.

Ryann Wyatt, the CEO of Polygon Studios, shared in response to Forbes Magazine: “Alameda Research CEO, who committed mass fraud and ruined the lives of many people connected to SBF” is the more appropriate headline.

Alex, a physics engineer with the Twitter handle ajtourville, shared in a response to Forbes’ article: “Leftist media diminishes the #FTX Multibillion dollar FRAUD as well as spearheading a not-so-subtle PR crisis management campaign for Sam Bankman-Fried and his girlfriend Caroline Ellison.

Others criticized Forbes simply for trying to portray Ellison as “a new darling of the alt-right.” 3D fashion designer @NKdfash shared “How can she be a darling of the alt right when her scheme literally funded the Democrats? I’m so confused”.

Misogyny in the crypto community

When it comes to criticism, some have argued that Ellison may be on the receiving end of harsher criticism and attacks, even more so than SBF, the former CEO of FTX.

Online, Ellison faces a barrage of misogynistic comments and vile attacks from the male-dominated crypto community. Her appearance and sexuality are the subject of ridicule and harsh judgment.

Stanford student with Twitter handle TheMichelleBao commented on the misogyny she witnessed in the crypto community saying, “so many of these tweets about caroline ellison reek of misogyny. is that too much to ask for a world where women aren’t scorned as “ugly” for committing massive financial fraud and supporting racial science and being in a polyculture??”

User Fandango, who goes by the handle the_co11ector, shared: “Can we stop the misogynistic approaches of Caroline Ellison, Alameda’s CEO. If you want to rip into her, just highlight her obvious lack of ethics and the way she fucks all over the space.”

To which account holder Crypto Bin Laden responded: “No one is attacking her because she is a woman. People attack her because she is ugly, but not because she is a woman”.

Ellison’s appearance has been subject to intense ridicule. She has been called “fugly”, “hideous” and even a “goblin”, and exaggerated caricature images of her continue to circulate online as memes.

Related: Sam Bankman-Fried rumor mill running amok: Trading course, FBI extradition, FTX hack

On November 17, Cointelegraph reported that FTX and Alameda likely colluded from the start, ultimately contributing to their collapse. Both entities were created by crypto businessman Sam Bankman-Fried, who is now being considered for extradition by US authorities for his role in the collapse of the exchange.

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