Elon Musk, who leads X, is facing backlash because he had a hand in suspending an account connected to XRP, which is a type of cryptocurrency.
Elon Musk, now leading X (formerly Twitter), is facing controversy for suspending an account linked to XRP, a digital currency connected to the XRP Ledger blockchain. This account, “Digital Asset Investor.XRP,” strongly supported XRP. Some think the suspension aimed to prevent scams, but it raised concerns about limiting free speech in the cryptocurrency community and sparked debates on censorship.
In another issue, legal battles tied to the collapse of FTX, a significant cryptocurrency player, are ongoing. Attorney and advocate John Deaton strongly opposes those supporting former CEO Sam “SBF” Bankman-Fried. This intensified debates in the cryptocurrency community. SBF, once praised, now faces allegations of investor fraud related to FTX’s problems. While some defend him, others call for accountability and legal action to deter similar behavior in the industry. As the controversy persists, the community remains divided, raising broader questions about ethics and responsibility in the cryptocurrency world.
Elon Musk Criticized for Suspending XRP-Linked Account on X
Elon Musk, who now leads X (previously Twitter), is under fire for suspending an XRP-related account. This move has triggered a debate about censorship and what lies ahead for the cryptocurrency community on the platform.
The suspension of the “Digital Asset Investor.XRP” account has caused quite a stir among cryptocurrency enthusiasts. This account was known for passionately supporting XRP, a digital currency tied to the XRP Ledger blockchain. XRP has faced its share of controversies, including a lawsuit from the U.S. Securities and Exchange Commission (SEC) claiming that XRP is an unregistered security.
— 🌸Crypto Eri 🪝Carpe Diem (@sentosumosaba) October 6, 2023
Crypto Eri, a well-known figure in the cryptocurrency world, reached out to Elon Musk directly on X to ask if the account suspension was a mistake. This was because many XRP supporters felt like their voices were being silenced on the platform.
Some people think the suspension might have been done to prevent scams, but there hasn’t been an official explanation from X, so there’s a lot of speculation. Crypto Eri believes the suspension wasn’t fair and mentioned that she’s been sticking to the facts, even if some people call her the “crypto police” or part of “cancel culture.” She understands that because she built her whole channel using the X platform.
John Deaton, a prominent XRP supporter and lawyer, has also spoken out about this situation. He’s highlighting that this suspension is causing divisions within the XRP community. People are wondering if this is a one-time thing or if it signals more censorship on the platform.
In the midst of all this, there’s a report saying that the U.S. Securities and Exchange Commission (SEC) is looking into Elon Musk. They’re investigating whether Musk broke the rules when buying stocks and what he said and reported about the X acquisition.
As the cryptocurrency community waits for updates, the suspension of the Digital Asset Investor.XRP account has triggered a big discussion about free speech, censorship, and the role of influential figures like Elon Musk in the X community. It remains to be seen how this situation will impact cryptocurrency discussions on the platform that was once known as Twitter.
Pro XRP Lawyer Criticizes Sam Bankman-Fried Supporters
Cryptocurrency advocate John Deaton is not happy with supporters of former FTX CEO Sam “SBF” Bankman-Fried. This comes as SBF faces legal issues connected to the downfall of their cryptocurrency project. Deaton’s comments have sparked a big debate in the cryptocurrency community about how people see SBF and what he’s responsible for.
On X, Deaton made it clear that he strongly disagrees with those who say SBF meant well but made mistakes. He believes people with these views shouldn’t be trusted to handle others’ money, and they shouldn’t be featured on popular TV shows like CBS’s “60 Minutes.”
People who believe SBFraud is a “good guy” who made “mistakes”, and FTX grew too fast and it all got away from him, should NEVER be in charge of other people’s money, and certainly, should never be interviewed by @60Minutes or any other news outlet. And yes, his parents are 💯…
— John E Deaton (@JohnEDeaton1) October 7, 2023
The cryptocurrency community is split over SBF’s situation. Some are deeply concerned about the allegations of fraud against him, while others are trying to paint him in a positive light in the media. Even though FTX went bankrupt, SBF continued to appear in interviews and was sometimes portrayed as a hero in the cryptocurrency world. This caused backlash from the Web3 community.
FTX has managed to recover more than $7 billion in assets. Still, there’s a growing demand for SBF to face consequences to discourage similar actions by others in the industry. John Deaton is also determined to hold Joseph Bankman and Barbara Fried, SBF’s parents, accountable for their alleged involvement.
Even though FTX’s current leaders are taking legal action against them, no regulatory agency has taken legal action against SBF’s parents. Deaton and others in the industry believe that Bankman and Fried share full responsibility for their son’s alleged crimes.
In related news, Stanford University has decided to give back all the donations it received from FTX, which amounts to about $5.5 million. This shows how the controversy surrounding SBF and FTX is affecting educational institutions and other organizations associated with the troubled cryptocurrency exchange.
As the legal proceedings against SBF continue, the cryptocurrency community remains divided, with different opinions about his actions and what consequences he should face. John Deaton’s outspoken criticism has added to the ongoing debate about accountability and responsibility within the industry.
XRP Price Summary
XRP’s price went down by 0.86% in the last 24 hours, as reported by CoinStats, a website that tracks cryptocurrency prices. This decline in price happened at the same time as the overall cryptocurrency market’s slight drop of 0.07%. Over the past week, XRP’s performance has been in the negative, with a decrease of -1.64%. Currently, XRP is being traded at $0.51714.
Price chart for XRP (Source: CoinStats)
XRP’s price was trading close to its lowest point in the last 24 hours, which was $0.515126. It went through a small decrease in value during the day. On the brighter side, the highest price it reached in the past 24 hours was $0.521944. During this same time, XRP didn’t perform as well as Bitcoin (BTC), losing 0.87% of its value in comparison. So, at the moment, 1 XRP token was worth about 0.00001852 BTC.
Although XRP had a loss over the past 24 hours, its performance over the month remained positive. According to CoinStats data, XRP’s price went up by about 2% in the last 30 days.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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