Opinion: Unveiling the Alleged Misogyny Issue in the Crypto World – Gossips Surrounding Sushi, Models, and Copper Technologies

Imagine a dimly lit room in an elegant hotel, glowing with red lacquer. A group of men, some in hoodies, others in business suits and sunglasses, stand ominously around a table. But instead of energy drinks and laptops, they have women positioned as serving platters for sushi.

Disclaimer: The opinions expressed in this article are solely those of the author and do not represent the views of crypto.news’ editorial team.

Every week, crypto.news presents #hashtag hearsay, a gossip column filled with scoops and stories that shape the world of cryptocurrency. If you have any tips, email Dorian Batycka at [email protected]

No, this isn’t a casting call from the Weinstein era in Hollywood during the 1990s. It’s another episode of #hearsay, my weekly gossip column that delves into the sultry underworld of crypto.

In this week’s episode, we delve into the controversy surrounding Copper’s use of sushi models. The digital asset manager was exposed by the Financial Times for employing scantily clad models as human serving platters during the company’s Digital Asset Summit afterparty.

So, what’s the backstory? Well, it all took place at the Mandrake Hotel in London, notorious for its shady reputation. The hotel is owned by Rami Fustok, a Lebanese party boy turned hotel entrepreneur. Welcome to the world of underground crypto “bro” culture, where cringe-worthy hotels serve as the backdrop for questionable deals and rampant misogyny.

Copper Technologies, the company hosting the party, is far from an activist social justice enterprise. It has been linked to weapons dealers and sanctioned bankers from Russia. In 2023 and 2024, Jonatan Zimenkov and Mikhail Klyukin, both sanctioned by UK and US authorities, engaged in transactions with the company that exceeded $4.8 million and £15 million (approximately $18.9 million), respectively.

Let’s face it, the crypto world is heavily male-dominated, an echo chamber fueled by testosterone where women are as rare as a Bitcoin in a bear market. Even worse, they are often subjected to outright abuse.

In 2018, renowned cryptocurrency journalist Laura Shin, host of the “Unchained” podcast, shared her experiences of online harassment and threats from individuals within the crypto community. Over the years, she has documented instances of misogynistic comments and derogatory messages directed at her on social media platforms like X and Reddit. On March 24, crypto influencer Jeremy Cahen (Pauly0x) called Shin a “whore” in an X space after she canceled (later postponed) an interview with the Porkcoin bro. Cahen himself is no stranger to controversy, having been found guilty, alongside Ryder Ripps, of fraudulently profiting from and defaming Yuga Labs, one of the most disreputable crypto figures in the game.

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Tron (TRX), a token launched in 2018, faced criticism for partnering with a blockchain-based porn platform. Since the beginning of crypto, women have often been treated as mere objects, rather than being heard.

Attend any conference from Singapore to Miami, and it’s no surprise that men dominate the scene. Companies in the industry need to do more to address gender diversity in their executive teams and boardrooms. Public reports readily provide names and statistics to highlight this issue. This is what decentralized governance should be about—equality and balance among market participants.

However, women are not entirely absent from the crypto world. Just last weekend, I attended DeSci in London, which featured an all-female panel representing AthenaDAO, AsteriskDAO, and HairDAO. In London, there are women participating in web3-focused events, perhaps because the men in London only want to meet at the Mandrake Hotel for sushi served on women. One of my closest friends in the industry, Aleksandra Artamonovskaja, is a crypto industry veteran with a passion for digital art and a background in studying at the Sotheby’s Institute of Art.

My boss at Crypto.news, Catherine Mychka, reminds me every week that the EU shift is dominated by male writers. The evidence is right in front of us, my fellow men. While women do exist in the industry, they remain a minority, thanks to the toxic male culture that permeates our field like an unpleasant odor.

Furthermore, it’s difficult to succeed in crypto unless you are fortunate enough to have access to basic necessities like the internet, food, shelter, and educational institutions that teach math and coding. But when keynote speaking engagements at major industry events are dominated by self-proclaimed industry evangelists who are predominantly white men, it becomes clear that the industry is plagued by a foul-smelling body odor. I understand the desire to appear successful, but crypto bros, please, take a step back!

When I first entered the world of crypto, it felt like I was part of a new utopian vision—a hope for a decentralized world. Unfortunately, that promise seems to have been overshadowed by an industry that cannibalizes itself with greed and toxicity. The pursuit of effective altruism has been replaced by a twisted logic reminiscent of Silicon Valley 2.0, embodied by white men. This, to me, is quite uninteresting. Diversity breeds innovation. Having more voices, perspectives, and ideas exponentially enhances the industry.

As I finish my sushi, I can’t help but feel a sense of caution. It would be remiss of me, a white man, to condemn the crypto bro culture that I am ashamed to be a part of. Dipping my sushi roll into soy and wasabi, I wonder: am I part of the problem? Or could the future of crypto be a place where we discuss SushiSwaps instead of objectifying women as sushi platters?

Read more:
Empowering Women in Crypto: Challenges and Progress in 2023