CoinDesk journalists Ian Allison and Tracy Wang have won a George Polk Award for Financial Reporting for their scoop that led to the collapse of Sam Bankman-Fried’s $32 billion cryptocurrency empire in days, as well as two explosive follow-up stories. This is the first major journalism award for CoinDesk, a news organization that provides news and analysis on the world of digital currencies and blockchain technology. The Polk Award is one of the most prestigious awards in journalism, with previous winners including The Wall Street Journal’s series on Theranos and the International Consortium of Investigative Journalists’ stories on the so-called Panama Papers.
The award also recognizes the original, resourceful, and thought-provoking work of reporters Ian Allison and Tracy Alloway, who exposed the shady dealings of the crypto industry. Their work has triggered a significant impact on the world and is a testament to the importance of professional journalism. The award is a milestone for CoinDesk and the crypto media industry, emphasizing the need for well-informed and probing coverage of the crypto industry.
Alameda Research, a closely held trading firm owned by Sam Bankman-Fried, was recently revealed to be on shakier financial footing than previously thought. Senior reporter Allison uncovered evidence that a significant portion of Alameda’s assets were secretly made up of FTT, a digital Monopoly money issued by Bankman-Fried’s better-known FTX crypto exchange. This news has raised concerns about the stability of Alameda and FTX, and has called into question Bankman-Fried’s reputation as a reliable and trustworthy figure in the crypto industry. Despite the news, FTX is still a popular crypto exchange, thanks to its marketing campaign featuring celebrities like Larry David, Tom Brady, and Gisele Bündchen.
The Polk Awards honored three CoinDesk scoops related to the cryptocurrency exchange FTX and its CEO Sam Bankman-Fried. After the price of FTX plummeted, Bankman-Fried agreed to a bailout from rival exchange Binance. However, Binance backed out of the deal shortly after, causing prices in the entire crypto market to drop. The third scoop revealed that Bankman-Fried and nine co-workers lived together in a luxury Bahamas condominium and at times dated each other while running his companies. This raised concerns about nepotism, secrecy, and conflicts of interest, which were later confirmed in a scathing report on FTX’s extremely lax administrative procedures.
CoinDesk’s Allison Morrow’s investigative story on the shady dealings of crypto entrepreneur Mike Bankman-Fried had an immediate and far-reaching impact. Within nine days of the story’s publication, Bankman-Fried’s companies filed for bankruptcy protection and he was arrested. The story was credited by over 2,000 news outlets, including The New York Times, The Wall Street Journal, Bloomberg, The Financial Times, The Verge, New York Magazine, CNN, and NPR’s “Planet Money” podcast. This story demonstrated CoinDesk’s editorial independence and commitment to reporting important stories, even when it affected their corporate sibling Genesis and parent company Digital Currency Group.
CoinDesk’s Ian Allison and Tracy Alloway have been awarded the prestigious George Polk Award for their groundbreaking reporting on the cryptocurrency market. Their work has been praised by CoinDesk’s Editor-in-Chief, Kevin Reynolds, who commended their “awesome” journalism and gave a shout-out to Deputy Editor-in-Chief Nick Baker and the rest of the CoinDesk news team for their hard work in covering the market-shaking stories. The award is a testament to the quality of their work and the impact it has had on the cryptocurrency industry.
