The autumn of FTX seemingly had the most important affect on the crypto ecosystem as Google searches for the CEO Sam Bankman-Fried (SBF) hit the roof over in November 2022. Among the greatest drivers for this development embody mainstream media consideration, colossal losses and political ties.
On Nov. 2, SBF misplaced his credibility after his firm Alameda Analysis was discovered holding a considerable amount of FTX Token (FTT), an asset issued by FTX. Over the next two weeks, the crypto neighborhood investigated and located SBF responsible of manipulating and misappropriating customers’ funds, in the end resulting in the autumn of the empire of roughly 130 firms constructed by SBF.
On the one hand, the crypto neighborhood brazenly criticized SBF and his accomplices, together with Caroline Ellison. However, alternatively, mainstream media published ‘puff pieces’ to water down SBF’s wrongdoings, which Tesla CEO Elon Musk and Binance CEO Changpeng Zhao, amongst others, referred to as out.
The blatant makes an attempt by the mainstream media to vary the narrative round SBF noticed huge resistance from Crypto Twitter, additional fueling the curiosity and forcing most of the people to do their very own analysis (DYOR) concerning the topic.
Because of this, Google searches for the time period ‘Sam Bankman-Fried’ surged in November. The curiosity round SBF overpowered the opposite notorious personalities within the house, together with co-founder and CEO of Terraform Labs Do Kwon, co-founder and CEO of Three Arrows Capital Su Zhu and Satoshi Nakamoto impersonator Craig Wright.
Google Tendencies data present that searches for SBF are 185.7% greater than they have been for Do Kwon when Terra (LUNA) collapsed in Might 2022. The collapse of LUNA was considered the biggest blunder in crypto historical past till SBF took the spot six months later.
The FTX mud is much from settling as Turkey’s Monetary Crimes Investigation Board, MASAK, seized SBF’s assets amid ongoing investigations.
The seizure was made after discovering “felony suspicion” of FTX failing to securely retailer person funds, embezzlement of buyer belongings and market manipulation.