In a surprising turn of events, Elon Musk, who now holds the positions of executive chair and chief technical officer at X, formerly known as Twitter, finds himself at the center of controversy once again. The suspension of an XRP-related account on the platform has sparked criticism and questions from the cryptocurrency community. The account in question, "Digital Asset Investor.XRP," was a vocal advocate for XRP, the digital asset associated with the XRP Ledger blockchain. While some suggest the suspension might be a measure to combat potential scams, others view it as a threat to free speech within the cryptocurrency community. This situation has not only piqued the interest of industry insiders but also raised concerns about the broader implications of censorship on the platform.
Meanwhile, in the midst of the ongoing legal battles surrounding the collapse of FTX, a prominent figure in the cryptocurrency world, attorney and advocate John Deaton, has taken a firm stand against those who continue to support the former CEO, Sam "SBF" Bankman-Fried. Deaton's outspoken criticism has intensified an already heated debate within the cryptocurrency community. SBF, once hailed as a cryptocurrency hero, now faces allegations of investor fraud related to the downfall of FTX. While some insist on portraying him in a positive light, others are demanding accountability and a strict legal response to deter similar actions in the industry. As the controversy rages on, the community remains divided, with Deaton's remarks shedding light on the broader questions of responsibility and ethics within the cryptocurrency world.
Elon Musk Faces Criticism for Suspension of XRP-Related Account on X
Elon Musk, the executive chair and chief technical officer of X (formerly known as Twitter), is facing criticism over the suspension of an XRP-related account, sparking a debate about censorship and the future of the cryptocurrency community on the platform.
The suspension of the account named "Digital Asset Investor.XRP" has stirred controversy within the cryptocurrency community. Digital Asset Investor.XRP was a prominent figure known for passionately advocating for XRP, the digital asset of the XRP Ledger blockchain. XRP has been embroiled in various controversies, including a lawsuit filed by the United States Securities and Exchange Commission (SEC) alleging that XRP is an unregistered security.
Crypto Eri, a well-known voice in the cryptocurrency community, reached out directly to Elon Musk on X, seeking clarification on whether the suspension of the account was an error. This move came as a response to growing concerns among XRP enthusiasts that their voices were being silenced on the platform.
While some individuals have suggested that the suspension may have been a precautionary measure to deter potential scammers, the lack of any official response from X has fueled speculation. Crypto Eri expressed her belief that the account's suspension was unjust, stating, "I have been doing my part to stick to the facts. Even when I'm called the crypto police or part of the cancel culture. That's not been fun. I have empathy because he built his whole channel around using the X platform."
The controversy has not gone unnoticed by prominent figures in the cryptocurrency industry. Pro-XRP attorney John Deaton has weighed in on the matter, highlighting the growing divide within the X community regarding the suspension. The central question now revolves around whether this suspension is an isolated incident or signifies a resurgence of censorship on the platform.
In the midst of this controversy, a recent report has revealed an ongoing SEC investigation into Elon Musk. This investigation is focused on whether Musk violated federal securities regulations in relation to his stock acquisitions and subsequent statements and filings regarding the X acquisition.
As the cryptocurrency community awaits further developments, the suspension of the Digital Asset Investor.XRP account has ignited a passionate discussion about free speech, censorship, and the role of influential figures like Elon Musk within the X community. It remains to be seen how this controversy will impact the future of cryptocurrency advocacy on the platform formerly known as Twitter.
Pro XRP Lawyer Criticizes Supporters of Former FTX CEO Sam Bankman-Fried
Attorney and cryptocurrency advocate John Deaton has taken a critical stance against supporters of former FTX CEO Sam "SBF" Bankman-Fried during his ongoing legal battles related to the collapse of their cryptocurrency venture. Deaton's remarks have ignited a heated debate within the cryptocurrency community about the perception of SBF and the responsibility of his actions.
In a post on X, Deaton strongly expressed his disapproval of those who characterize SBF as a well-intentioned individual who made mistakes. He argued that individuals with such sympathies should not be considered suitable to manage people's finances and should be excluded from interviews with prominent television shows, such as CBS's "60 Minutes."
The cryptocurrency community has become divided over SBF's situation. On one side, there is deep concern over the allegations of investor fraud against him, while on the other side, some attempt to portray him positively in the media. Despite FTX's bankruptcy filing, SBF continued to participate in interviews and was often depicted as a cryptocurrency hero, which sparked backlash from the Web3 community.
FTX has successfully recovered over $7 billion in assets, but there is a growing call for SBF's sentencing to serve as a deterrent for other industry innovators. John Deaton is also resolute in holding Joseph Bankman and Barbara Fried, SBF's parents, accountable for their alleged involvement in the situation.
Despite FTX's current leadership pursuing a legal case against them, no regulatory agency has initiated legal action against SBF's parents. Deaton, along with others in the industry, believes that Bankman and Fried share full responsibility for their son's alleged crimes.
In a related development, Stanford University has decided to return the entirety of donations received from FTX, totaling approximately $5.5 million. This move underscores the broader impact of the controversy surrounding SBF and FTX, as educational institutions and other entities grapple with their association with the embattled cryptocurrency exchange.
As the legal proceedings against SBF continue, the cryptocurrency community remains divided, with contrasting opinions about his actions and their consequences. John Deaton's outspoken criticism has added fuel to this ongoing debate about accountability and responsibility within the industry.
XRP recorded a 0.86% loss over the past 24 hours, according to data from the cryptocurrency price tracking website CoinStats. This drop in price over the past 24 hours coincides with the cryptocurrency market’s 0.07% decrease in valuation during the same time period. Furthermore, the remittance token’s recent loss has pushed its weekly performance deeper into the red zone to -1.64%. As a result, the altcoin was changing hands at $0.51714 at press time.
Price chart for XRP (Source: CoinStats)
XRP was trading closer to its 24-hour low of $0.515126 after its price underwent a slight correction throughout the past day of trading. Meanwhile, the cryptocurrency’s peak for the past 24 hours stood at $0.521944. During this same period, XRP also weakened against the market leader Bitcoin (BTC) by 0.87%. This meant that 1 XRP token was estimated to be worth 0.00001852 BTC at press time.
However, despite the 24-hour loss, XRP’s monthly performance remained in the green zone. CoinStats data indicated that the remittance token’s price was still up around 2% over the past 30 days.