FIDELITY AND PHILAKONE: Crypto Twitter Spends The Day On Institutional News And Interpersonal Dumpster Fires

One of these things is not like the other. Isn’t that how the song goes? In a 24 hour period on crypto twitter, a known scammer seemed to out ‘ratio’ important institutional crypto news from one of the largest asset managers in the world.

Just in case you happened to miss it, Fidelity sources claimed that the firm has well laid out plans to launch its crypto ‘Digital Assets’ initiative in March. The timing seems to be well calculated, as well as some what correlated to Bakkt; as the two firms continue to compete for the blessing of institutional assets across the global investment banking spectrum.

Custody, a commonplace practice in conventional financial markets like stocks, involves a third party holding onto securities to reduce the risk they’ll be lost or stolen. But while a number of startups have sought to offer the safekeeping service, many Wall Street professionals have longed to work with a large financial services firm, a role Fidelity may fill. Others including Bank of New York Mellon Corp., JPMorgan Chase & Co. and Northern Trust Corp. have explored entering the field. Meanwhile, digital coins are constantly stolen, underscoring the need for better safeguards.”

The news connected to Fidelity made its way quickly around crypto twitter. Even though the crypto markets were unimpressed and didn’t seem to react in the way some would have hoped (bullish), the news still made an impact.

More of an impact than another issue that dominated the ‘CT’ debate throughout the day.

Philakone drama began to spread throughout tweets, retweets, subtweets, and the like. It seems that his claims of being hacked, or stolen from, or some other sort of drama had crypto twitter abuzz.

The short version was this: Philakone claimed to have had $1.6MM stolen from him as a result of a break up he had just suffered. This coming shortly after an avowed social media ‘break’ (of which he seems to take often) that was supposed to last until March 1.

Narrator: It didn’t last that long.

Philakone responded to the break up by outing his ex-girlfriends identity, calling for legitimate violence against her, and exhibiting behavior that doesn’t necessarily surprise many that have paid attention to his particular styling of ‘personal brand’.

The real issue was the threats of violence after a break up. Given the amount of avowed ‘baby whale’ followers that Philakone possesses, this was a dangerous stunt.

In response his ex-girlfriend outed him for buying tens of thousands of followers and being a fraud.

Twitter chose not to suspend his account, but did restrict several tweets that referenced the abhorrent behavior. Respected members of the crypto community came to the aid of the ex-girlfriend/victim and admonished Philakone along the way.

Several others commented on Philakone’s mental health and his need to carefully evaluate his life choices. Of course, others took the opportunity to meme Philakone in fresh new ways, as he seems to be an easy target.

Crypto twitter has found creative ways to psychologically cope with the ever lengthening bear market. And yesterday seemed to be one of the most creative yet. Many timelines were inundated with Fidelity and Philakone commentary from across the globe.

Never change crypto twitter, never change.