There is no denying that the crypto industry is having a rough time in broadcast and print media as of late.
From a $200 million hacking scandal that left the Nomad blockchain bridge in shambles, to national security concerns leading to the U.S. banning Tornado Cash, there has been no shortage of negative news surrounding the crypto industry in recent months.
Given the largely unregulated nature of cryptocurrency, the risks associated with crypto have become a major topic of conversation. Yet, we rarely see mainstream media show both sides. With media outlets remaining heavily focused on bad actors, some of the most influential and hard-working creators in the industry have ended up overlooked and misrepresented.
In this article, we will discuss some of the recent media coverage surrounding crypto and how these news stories can sometimes lack objectivity or unbiased perspectives. Keep reading as we shed light on several of the best creators in the crypto space working towards positive change.
Bad Actors Make Good News: The Reality of Crypto Media Coverage
If there is one thing that media outlets are well aware of, it is that controversy sells.
In the past week alone (as of when this was written in August), there have been numerous stories coming out about the dangers of crypto, blockchain wallets, side chains, and more.
As we mentioned in the introduction, one major scandal to hit the newsstand recently is the massive hacking incident that occurred on Nomad, a blockchain bridge that allows users to transfer their tokens and other assets between blockchain networks.
After changes to Nomad’s code allowed users to withdraw more tokens than they had originally deposited, the platform hack became what is widely being referred to as a “free for all,” as multiple users took an alarming total of nearly $200 million from the platform.
In another story that stole headlines, the United States Department of Treasury decided to ban American citizens from using the crypto-mixing service Tornado Cash. This decision comes after it was uncovered that Tornado Cash is used as a key hacking tool by the Lazarus Group, a North Korean hacking organization associated with previous hacks totaling more than $625 million in stolen assets. Tornado CASH was apparently built to be able to help these hackers hide their tracks in liquidating crypto so that they could fund operations in the state.
If it’s not already obvious, exploits and cybercrimes such as these make for massive news stories, especially if news outlets are able to be the ones to break the story. As a result, the race for views and clicks has swept over the crypto industry, burying many of the positive stories beneath the pile of hacking exploits and bad characters.
Beyond the Headlines: Crypto Creators Working for Good
The news stories above can be incredibly detrimental, both to the crypto industry and to efforts to expand the widespread acceptance of blockchain technologies.
Whether out of oversight or bias, many mainstream media outlets have failed to show objectivity when reporting on crypto — namely, in that few media outlets ever highlight positive stories in which crypto creators are working towards positive goals and change.
With this in mind, let’s highlight some of the crypto creators and companies doing good and helping lift communities not often featured in mainstream news stories:
Rally.io — or Rally for short — is a platform designed for the crypto creative community to help support creators in building independent digital economies.
One of the primary goals of Rally is to help make crypto more accessible to all people, not just for investment purposes but also for creators who wish to enter into the crypto space and begin making their own coins and social tokens – being able to change the way they distribute their creations and in generating a new kind of fan; all the while creating new financial freedom for themselves.
The Giving Block
With the growing popularity of Bitcoin and other cryptocurrencies, many charities, non-profits, and other organizations are seeking secure ways to enable crypto-based donations.
The Giving Block offers exactly this — a platform and product that enables automated acceptance of crypto donations that are compliant with all current regulations. Through The Giving Block, organizations and corporations can access a wide variety of tools and services that enable them to connect with top charities, schools, non-profits, and more.
As conversations surrounding reproductive rights grow tenser in the U.S. following the overturning of Roe v. Wade, one DAO is working to ensure the fight for these rights stays strong.
ChoiceDAO is a community of activists working to support reproductive rights through funding and fundraising for nonprofit organizations at the frontlines of the fight. Using a secure multi-sig wallet, ChoiceDAO ensures that 100% of all funds raised go directly to these activist organizations.
Concerns over environmental conservation have become a large conversation in the crypto space, leading more and more creators to search for innovative and environmentally-friendly solutions.
KlimaDAO is built on an energy-efficient network known as Polygon and strives to defy climate change and support global sustainability projects. Among other things, KlimaDAO enables on-chain assets to be retired easily in exchange for tokenized carbon credits.
Final Thoughts: The Role of Regulation in Improving Crypto’s Reputation
News about cryptocurrency and the large blockchain industry will undoubtedly continue to serve as a highly-sellable topic by news organizations around the world.
The key when reading this news is to remain aware of the potential biases present and to always seek out crypto and blockchain creators working toward positive change.
Ultimately, a very big factor that will help to shift the conversations surrounding crypto is improved regulation that helps universally govern the crypto space, without threatening the advantages of the technology. This is a fine balance that many are concerned that our regulatory bodies will take either too long to settle on, and or, rush to create regulation that will hinder progress. Another factor is how empowered the retail user of crypto will feel in protecting themselves without sophisticated technical knowledge.
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