Digital Asset Exchange Bitstamp has apologized for sharing a crypto market report that it claims does not reflect the company’s “beliefs or values”.
In a tweet from Bitstamp Posted today the exchange apologized for posting the report “Crypto Theses for 2021” from research firm Messari from founder and CEO Ryan Selkis. The report refers to XRP as “toxic waste”, with Selkis Bitcoin (BTC) forks, Stellar Lumens (XLM) and Litecoin (LTC) “Stacks s —.” The report said:
“These are toxic assets backed by regulatory capture and they go against everything that got me into crypto.”
Bitstamp has removed the original tweet it posted after the report’s release on December 8, referring to portions of the “language and content” in the report as contrary to the company’s values. The company added that it felt that some aspects were disrespectful to “some of the community.”
2/3 We did not thoroughly review the 130+ page report before it was published. This is up to us, we should have done better.
– Bitstamp (@Bitstamp) December 9, 2020
In response, Messari’s CEO said on Twitter that he was to go for a humorous tone to keep readers engaged – the report is 134 pages long. However, he doubled his XRP views, referring to the token as “snake oil” and add he was unlikely to change his mind in the future.
Members of the XRP military generally supported Bitstamp’s statement, calling it is a ‘quick and thoughtful response’. The exchange may have been in response to Selkis’ views on XRP, or the seemingly unprofessional language spread throughout the report – Messari’s CEO used “f —” five times and “s —” nine times.
Bitstamp might have expected a more cerebral ‘Pro’ from our analysts versus the annual [company] hot takes, ” said Selkis. “I don’t blame them for being taken by surprise.”
In last year’s “Crypto Theses for 2020” Selkis said he hated XRP but didn’t label the token as toxic. In fact, he said at the time that XRP had “tremendous and surprising stamina.”
At least a crypto cipher stepped in to defend Messari’s CEO. Samson Mow, the chief strategy officer at Blockstream. A well-known Bitcoin maximalist and opponent of “shitcoins” he argued Selkis “didn’t do anything wrong.”
But Bitstamp’s decision to cancel Selkis was backed by other Twitter users.
“Impressed that you acknowledge the views of customers on these matters Bitstamp,” said Shane Schofield. “I hope that as a sponsor of Messari you can remind them that everyone has prejudices.”
This isn’t the first time Messari’s CEO has fallen victim to XRP military attacks. Last January he has would have received threatening phone calls after the company published a critical analysis of XRP.