New York Times has come under criticism for hosting the former CEO of the FTX cryptocurrency exchange, Sam Bankman-Fried, at a corporate conference. Bankman-Fried is one of the guest speakers at the conference on November 30.
Sam Bankman-Fried is a guest speaker at New York Times conference
Bankman-Fried will speak at the New York Times DealBook Summit on November 30. Single ticket charges to the conference are $2,500. Bankman-Fried has confirmed his in-person attendance at the conference.
The announcement has attracted backlash from the crypto community that has been left counting losses after the collapse of FTX. Bankman-Fried is also being criticized for his role in the matter. The administrators have said that the financial records of the exchange were worse than what was seen with Enron.
Twitter users attacked the New York Times for pushing ahead with Bankman-Fried’s appearance at the conference, with Twitter owner Elon Musk also questioning whether Bankman-Fried was attending.
New York Times columnist, Andrew Ross Sorkin, has defended the decision to have Bankman-Fried at the conference. Sorkin said many vital questions would be asked and answered during the event.
However, this move is already piling pressure on the New York Times. The publication was accused of publishing an article praising the FTX founder after the exchange collapsed. The publication was criticized for failing to confront Bankman-Fried after the collapse of FTX amid allegations that he mismanaged customer funds.
The FTX exchange has already filed for Chapter 11 bankruptcy. The bankruptcy hearing has revealed that the exchange has around one million creditors. Bankman-Fried is also being investigated by the US Department of Justice and several financial regulators.
The New York Times conference will also see the attendance of other key speakers, such as the founder of Facebook, Mark Zuckerberg, and Ukraine’s President, Volodymyr Zelensky.
A spokesman for the New York Times has also commented on the matter, saying that “the DealBook Summit has long convened the most newsworthy figures of the moment in business, policy, and culture. The role of journalism is to ask questions and seek answers on behalf of the public, and we look forward to conducting this important and newsworthy conversation.”
The Crypto market is trying to redeem itself
The cryptocurrency market wants to redeem itself following the collapse of FTX, which has reduced investors’ confidence in the sector. One of the ways that the industry is doing this is by creating funds that will support companies that are struggling financially.
Binance, the largest exchange by trading volumes, has already set aside a $2 billion industry recovery fund to support strong projects with robust fundamentals. The other exchanges that have set up similar funds include Bybit and Bitget.
The week following the FTX collapse saw the largest amount of Bitcoin being taken off exchanges to self-custody wallets. Firms exposed to FTX, such as BlockFi and Genesis, are already under financial stress.
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