• SBF’s mom, Barbara Freed, launched a 64-page doc describing the decline in FTX as a “liquidity disaster.”
• Bankman-Fried household PR marketing campaign assaults judges and Justice Division as biased
• The push for this story comes days earlier than Sam Bankman Freed’s Nov. 4 enchantment listening to

Sam Bankman Freed’s mom, Barbara Freed, a former Stanford regulation professor and her son’s confederate in crime, launched a 64-page doc defending her son’s actions and framing FTX’s collapse as a liquidity disaster moderately than an outright fraud.

The doc is extensively seen by many as half of a bigger, coordinated PR and authorized marketing campaign by the Bankman-Fried household aimed toward controlling public protection and constructing help forward of an upcoming enchantment in his case.

Fried’s article additionally assaults the decide, the Division of Justice, and the chapter crew, claiming they’re biased and misrepresenting the info of the case.

Associated: John Deaton Refuses SBF Pardon, Justice Division and FBI Face 25 Years in Jail

Why this storytelling marketing campaign issues

Now, the query stays whether or not it is a real effort to set the file straight, or only a motion to proper a tarnished household identify. In all probability each, however on this planet of cryptocurrencies, what actually issues is the way it appears to most people.

If individuals begin to see Sam Bankman Fried (former FTX CEO) as a “misunderstood founder” moderately than a fraudster, trade gamers may take extra dangers and regulators may grow to be extra lenient with them.

Additionally, if this marketing campaign does not work (particularly since he is already been convicted), it can ship a robust message that no quantity of media sway can cease somebody from being held accountable.

Danger of distortion

The FTX collapse stays the largest crypto fraud case ever confronted by buyers, and any adjustments to that story will instantly hurt on a regular basis buyers within the crypto trade. Now that SBF is being portrayed as a sufferer of circumstances moderately than the principle wrongdoer within the deception, it may change the way in which regulators and buyers view future failures.

Moreover, the previous FTX CEO’s associates have lately organized a sequence of media appearances, social media campaigns, and opinion piece publications. All this, along with the efforts of his household, is being finished to reconstruct his collapse as the results of poor liquidity administration moderately than deliberate prison exercise.

Provided that the crypto market is delicate to regulatory developments, this marketing campaign may affect the timing and tone of laws.

SBF is at the moment serving a 25-year sentence, however his enchantment to the U.S. Court docket of Appeals for the Second Circuit is continuing (November 4), making the household’s makes an attempt to vary public notion strategic.

Associated: FTX’s prime creditor activist talks about Sam Bankman Freed’s 25-year sentence