The trial for the conviction of Sam Bankman Fried, the former CEO of FTX involved in the scandal that saw his company implode on 11 November 2022, has begun, with SBF’s defense beginning on his Twitter profile.
Several times the founder of Alameda Research and FTX has been seen defending himself against various accusations through his Twitter profile, showing interviews and using the social network as a reference point to respond to all those who accused him.
Using Twitter as a method of defense
Twitter is a platform where anyone can express their personal thoughts on any topic. As far as the cryptocurrency ecosystem is concerned, Twitter is the go-to platform for the crypto community, where major issues in the industry are discussed, where news is released, and where contacts are made with key figures in the industry.
With over 300 million active users, Elon Musk‘s acquisition has given even more hope for the cryptocurrency world to seize additional space on the platform.
Everyone is aware of Elon Musk’s great influence in the world of blockchain and digital currencies, the CEO of Tesla and SpaceX has been able over time to move the market with the use of a single tweet.
This makes it clear how important the link between cryptocurrencies, blockchain, and Twitter is, for any kind of action involving the crypto universe. To the extent that it can happen, and has already happened, figures involved in scandals, problems or situations where clarification is needed, use the social network to explain directly to their community their side of the story.
Sam Bankman Fried is no different, in the course of the scandal that hit his crypto empire, while the SEC and the entire country of the United States were making very heavy accusations against him and his executives, he never missed an opportunity to justify his actions using Twitter and now his statements on the social network, will be put on the official record of his trial.
But Sam Bankman Fried is not the only one who has used social as a means of defense against the charges.
In December, crypto trader Avraham Eisenberg, after being arrested and charged with fraud by US authorities for rigging an exchange in an attempt to steal more than $100 million, also used his Twitter account to explain what happened. Although it appeared to be a true confession, Eisenberg’s tweet was considered very controversial because he called his illicit operation a “highly profitable trading strategy” in which he turned out to be involved.
We can continue with several more recent examples as well, where, for example, one of the Winklevoss twins, founders of the cryptocurrency exchange Gemini, explained his company’s sad situation in a public letter directed to its debtors.
In fact, on 2 December, Cameron Winklevoss used Twitter to directly address the CEO of Digital Currency Group (DCG), Barry Silbert to urge him to find a solution to release his company’s funds.
The news caused quite a stir, considering that in the public letter, Cameron Winklevoss explains that the company Digital Currency Group and Genesis owe Gemini about $900 million.
So, Twitter as of now is one of the platforms that is connected to the crypto world in various aspects, including that in which CEOs explain their truths and also their justifications to their users/customers.
However, Sam Bankman Fried’s particular justifications do not seem to convince the community. The prosecution has many elements to indict the former FTX CEO, including also the testimonies of SBF employees Caroline Ellison and Gary Wang, who after pleading guilty decided to work together with the SEC for the truth.
But Sam Bankman Fried pleaded not guilty at the first hearing, despite the evidence and the common will of the company, they already think he is guilty.
The plans of the social network in the cryptocurrency world
The success of the great crypto universe on the social platform has prompted Twitter to want to create a real business out of it. Moreover, for some time now, rumors have been circulating that Twitter is creating its own native token: “Twitter Coin,” which might be launched to be used as a payment method on the platform.
Although these are unclear rumors that have been circulating recently, users are very curious to find out what Elon Musk means by “Twitter 2.0.”
Clearly, the idea of a token made by Twitter has stirred the entire community, creating a horde of TwitterCoin hashtags. The general enthusiasm is not lacking, but at the same time the idea that the platform wants to make a major entry into the world of blockchain, working on alternative payment methods as well, is not surprising. In short, the fact that Elon Musk is at the helm of Twitter makes one think but is not surprising in this area.
Elon Musk’s plan is to turn the Twitter platform into a full-fledged app capable of providing every service. From information and payments, up to the crypto world, Elon Musk wants to take Twitter to become a true “everything app.”
The future of Twitter updates will almost certainly include even more of the blockchain and cryptocurrency ecosystem in the platform.
We at The Cryptonomist, are confident that in the near future, Twitter will be even more of a central platform for the crypto world, with good potential to completely become the industry’s go-to platform.
