Overnight, Crypto Moguls Got a Brutal Hit from Vanity Fair

Author: Gu Yu, ChainCatcher

Overnight, a group of crypto industry leaders’ group photo flooded the entire crypto community’s X timeline, accompanied by overwhelming mockery and criticism.

The main figures in the picture include ARK Invest CEO Cathie Wood, Polychain founder Olaf Carlson-Wee, Galaxy Digital founder Michael Novogratz, and other well-known industry personalities, but this did not stop the wave, which even intensified.

Further examination of this group photo reveals it is a work from the veteran magazine Vanity Fair, published as the cover story in the latest issue titled “Crypto Devotees Demand to Be Taken Seriously.”

This article offers an in-depth look at the core circles of the industry, exploring how, after enduring multiple regulatory storms and market crashes, the crypto industry attempts to redefine the global power landscape by leveraging massive political donations and grand narratives of salvation, aiming for a resurgence by 2026.

Although stories of crypto giants have appeared in traditional magazines like Fortune and The New York Times, Vanity Fair, as a media deeply familiar with elite culture, clearly adopts a more “sinister” perspective. The article does not dwell on complex industry trends but instead devotes considerable space to contrasting the private lives of these “power reshapers.”

According to the author, these billionaires are portrayed as eccentric figures disconnected from reality yet eager to dominate it: on one hand, discussing the future of human civilization in their Puerto Rican mansions; on the other, obsessed with searching for extraterrestrial life, practicing extreme survivalism, and often appearing barefoot in public.

Triple Crown Digital partner Noelle Acheson commented that we can mock (and indeed want to mock) the Vanity Fair photos—ridiculing awkward poses and baffling characterizations… but the deeper question is: is this how mainstream media views the crypto industry? If so, there is much work to be done.

Most industry insiders see this article as not only failing to positively portray crypto practitioners but also reinforcing stereotypes about the industry.

Dennison Bertram, co-founder of Tally, further revealed that the article is a deliberate mockery by Vanity Fair of cryptocurrencies and their related figures, filled with contempt and sarcasm in both words and images. Having worked as a fashion photographer for over a decade before entering crypto, he analyzed Cathie Wood’s profile, saying, “Here, Cathie Wood is deliberately made to look petite. The camera angles downward, and the composition intentionally diminishes her stature. Disheveled curtains, crossed ankles, and a luggage cart all contribute to a cold, ruthless atmosphere. Is there a more biting visual effect?”

Looking at Michael Novogratz’s photo, “He squints his eyes, looking fierce. Why? Because he’s wearing glasses. He’s holding them, almost invisible. His face is deliberately cast into shadow, appearing menacing. It’s a mess—everything is crooked and uneven. Is this a positive image? I don’t think so.”

A group of industry leaders who have risen to prominence through crypto now seek mainstream recognition via Vanity Fair, but they fail to realize it’s a huge “trap,” instead appearing clownish in the public eye—an undoubtedly painful lesson.

Now that it’s happened, even seeking mainstream media approval has become a subject of criticism. Jinelle D’Lima, founder of Nozomi, believes that Satoshi Nakamoto and the cypherpunks never sought recognition. “The key is, you don’t need their approval: no need for capital flow, no need for network operation, nothing needs to be done. We weren’t built to cater to Vanity Fair or Forbes. We’re here to oppose everything they represent: gatekeepers, the system, and those who decide what’s legal or illegal.”

“Now we’re on the cover. Could it be more ironic? That’s not like us. We weren’t supposed to be like this,” Jinelle D’Lima said.

The controversy surrounding Vanity Fair’s report reveals an awkward truth for the crypto industry: even if the industry tries to win mainstream attention through astronomical political donations and “surrender” to traditional finance, in the aesthetic and value systems of mainstream culture, these new elites are still viewed as a subculture with cult-like undertones.

This debacle perhaps serves as a reminder: the true power of crypto has never been in glossy mainstream media coverage but in the code that can operate just fine without being “taken seriously.”