- FTX’s PR agency denies continuing to work with the company or Sam Bankman-Fried in a public statement given on Twitter
- Upcoming DealBook Summit gives failed FTX founder a chance to speak publicly
- Additionally, the community does not seem satisfied with PR announcements
FTX’s PR Agency M Group SC is alleged to have been responsible for funding numerous ‘anti-binance’ pieces via the New York Times. Yet a recent public announcement via Twitter states that they are no longer in cooperation with the insolvent exchange.
M Group SC rejected responsibility for any negative press articles when responding to known crypto researcher @FatManTerra.
M Group Strategic Communications claims to ‘bring visibility to the great work’ of their clients
The latest communication from M Group SC claims that FTX is no longer their client, and work ceased upon the bankruptcy news. M Group claims that they have ‘absolutely nothing to do with any current media coverage regarding the company or Sam.’
This is an interesting update from the PR firm, as it is a PR agency’s responsibility to deal with any crisis their clients are enduring. However, M Group has publicly renounced any ongoings with FTX due to a breach of their code of ethics.
M Group SC claims:
“We hold ourselves to the highest ethical standards and work extremely hard to advance the industry Like most of the community, we are utterly shocked and appalled at the revelations of their [FTX’s] fraudulent business practices, and denounce any unethical/criminal behavior’”
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2) We believe we hold ourselves to the highest ethical standards and work extremely hard to advance the industry Like most of the community, we are utterly shocked and appalled at the revelations of their fraudulent business practices, and denounce any unethical/criminal behavior— M Group Strategic Communications (@MGroupSC) November 24, 2022
Unsurprisingly, the crypto community does not hold much hope for this public appearance. Andrew Sorkin is a renowned finance journalist whose ties to Bankman-Fried and M Group SC have previously been questioned.
It’s not just a public lack of trust in Sam Bankman-Fried. M Group SC has also come under fire from the crypto Twitter community, with some users commenting that their statement is ‘sneakily worded.’ Others simply doubted the motives behind the statement.
On the Flipside
- There could be some compensation for certain affected FTX users, as Binance pledges $1bn in crypto relief.
- Blockchain analysis firm Chainanalysis claim that the Mt. Gox hack was a far worse influence than the FTX crash.
Why You Should Care
Each update regarding FTX and Sam Bankman-Fried affects the markets, whether for good or bad. Regarded by many as a criminal, it will be interesting to see how Sam Bankman-Fried uses his upcoming platform at the DealBook Summit to potentially mitigate some concerns from the community.
Learn more about the FTX collapse:
FTX Latest: SBF’s Fallen Crypto Empire Holds $1.24B in Cash Reserves
Find out why it may still not be too late for many account holders:
Approximately 50% of FTX Deposits Can be Refunded Based on the Balance Sheet – Messari