Coinbase CEO Slams Sam Bankman-Fried for Blaming FTX’s $8 Billion Hole on ‘Accounting Error’

Coinbase CEO Slams Sam Bankman-Fried for Blaming FTX's $8 Billion Hole on 'Accounting Error'

The chief govt of the Nasdaq-listed cryptocurrency change Coinbase, Brian Armstrong, has slammed former FTX CEO Sam Bankman-Fried (SBF) for claiming that FTX is lacking $8 billion as a result of an “accounting error.” He careworn: “It’s stolen customer money used in his hedge fund, plain and simple.”

Brian Armstrong on SBF’s ‘Accounting Error’ Claim

The CEO of the Nasdaq-listed cryptocurrency change Coinbase (Nasdaq: COIN), Brian Armstrong, has slammed FTX co-founder Sam Bankman-Fried (SBF) for blaming his collapsed change’s $8 billion gap on an “accounting error.”

Bankman-Fried was requested in an interview with Bloomberg, revealed Friday, how he “misplaced $8 billion.” The former FTX boss replied: “Misaccounted.” He additional defined that FTX clients generally wired cash to his buying and selling agency, Alameda Research, as a substitute of sending it on to FTX. The crypto change’s inside accounting system then double-counted the cash, crediting it to each the change and the shoppers.

Many folks don’t imagine Bankman-Fried’s excuse, together with the CEO of Coinbase. Armstrong tweeted Saturday:

I don’t care how messy your accounting is (or how wealthy you’re) — you’re positively going to note in the event you discover an additional $8B to spend.

“Even the most gullible person should not believe Sam’s claim that this was an accounting error,” the Coinbase govt careworn.

Armstrong emphasised in a follow-up tweet:

It’s stolen buyer cash utilized in his hedge fund, plain and easy.

While most individuals within the crypto area agree with the Coinbase boss and imagine that Bankman-Fried ought to go to jail for what he’s completed, there are some individuals who refuse to confess that SBF is a fraud.

Shark Tank star Kevin O’Leary, for instance, has insisted that SBF is without doubt one of the greatest merchants within the crypto area and he would again the previous FTX govt once more if he has one other enterprise. Billionaire hedge fund supervisor Bill Ackman additionally stated that he believes Bankman-Fried was telling the reality when he stated he “didn’t knowingly commingle funds.”

What do you concentrate on Sam Bankman-Fried’s “accounting error” excuse for FTX’s $8 billion gap? Let us know within the feedback part beneath.

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