Ripple CTO & Crypto Leaders Slam Forbes for ’Absurd’ SBF Apologia—Here’s Why

Forbes just stepped on a crypto landmine—and the explosion is glorious. The legacy finance rag sparked outrage after publishing what critics call a 'tone-deaf' defense of disgraced FTX founder Sam Bankman-Fried.

Ripple's chief technology officer led the charge, torching the piece as 'nonsense' on social media. Crypto influencers piled on, accusing Forbes of carrying water for a convicted fraudster while the industry fights for regulatory clarity.

The backlash highlights the growing rift between traditional finance media and the decentralized future they still don't understand. But hey—at least the article wasn't behind a paywall like their '30 Under 30' lists celebrating future felons.

Misplaced heroism and the question of accountability

The article portrayed SBF as a progressive individual who enjoys respect because of lobbying in Washington. It attributed his influence to laws like the GENIUS and CLARITY Acts, the latter of which it considered an indication of him looking to legitimize crypto.

It also speculated on whether President Donald TRUMP could pardon SBF because of his visionary impulse.

“Which brings us to GENIUS, CLARITY, and other Acts meant to create a stable regulatory environment for the cryptocurrency present and future. The latter precisely explains why SBF was spending so much time in Washington.”

~ Forbes

Forbes went further and placed SBF’s conviction into the context of a necessary market correction as opposed to a careful brush against US laws. It also asked whether he was really committing crimes or if he was just taking welcome business chances that went wrong.

However, Schwartz maintained that innovation should work within the laws and that failure should not be equated with fraud; otherwise, it would lower the whole industry’s reputation.

Industry observers strongly reject Forbes’ narrative

Coin Center’s Neeraj Agrawal shared the article on X, prompting immediate backlash and comments asking for clarification about why the Forbes article de-emphasized the gravity of SBF’s actions, and presenting his regulatory goals as if it did not have any consequences.

The article elicited immediate counteraction from the crypto community. According to the editor of The Block, Tim Copeland, it was so “absurd” that he had to deconstruct it point by point. ethereum builder 0xTimmy wrote, “Does Forbes just let anyone publish an article?” 

Some people questioned the authenticity of the article and its release. Bitcoin advocate Rich Lassiter wrote, “Definitely not. Who was the reporter paid off to write this drivel?” 

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