I'm less surprised by the media coverage of the entire fiasco because when on earth have they ever not written sympathetically about your average millenial do-gooder cause driven entrepreneur, what I ask myself is, how have the investors not seen this coming, who are after all the people who open their own wallets for this and are professionals.
And not just this case but any of the recent crypto-company explosions that lost customer funds to the tunes of hundreds of millions. There are experienced funders behind this who tout themselves on being able to differentiate BS from reality.
People love to drag the NYT but I don't really expect them to have really deep insight into these firms, on the other hand people are way too uncritical of the whole Sequoia/al6z/etc alternate media machinery around this.
And let's be honest, the media are mainly writing the articles because the top tier investment professionals have spent millions of dollars giving the Bahamas crypto guy their seal of approval.
They're not giving the same amount of positive spin to any old crypto guy who says he wants to save the world.
And not just this case but any of the recent crypto-company explosions that lost customer funds to the tunes of hundreds of millions. There are experienced funders behind this who tout themselves on being able to differentiate BS from reality.
People love to drag the NYT but I don't really expect them to have really deep insight into these firms, on the other hand people are way too uncritical of the whole Sequoia/al6z/etc alternate media machinery around this.