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

The main enforcement of the Nasdaq-listed cryptocurrency speech Coinbase, Brian Armstrong, has slammed erstwhile FTX CEO Sam Bankman-Fried (SBF) for claiming that FTX is missing $8 cardinal owed to an “accounting error.” He stressed: “It’s stolen lawsuit wealth utilized successful his hedge fund, plain and simple.”

Brian Armstrong connected SBF’s ‘Accounting Error’ Claim

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

Bankman-Fried was asked successful an interrogation with Bloomberg, published Friday, however helium “misplaced $8 billion.” The erstwhile FTX brag replied: “Misaccounted.” He further explained that FTX customers sometimes wired wealth to his trading firm, Alameda Research, alternatively of sending it straight to FTX. The crypto exchange’s interior accounting strategy past double-counted the money, crediting it to some the speech and the customers.

Many radical bash not judge Bankman-Fried’s excuse, including the CEO of Coinbase. Armstrong tweeted Saturday:

I don’t attraction however messy your accounting is (or however affluent you are) — you’re decidedly going to announcement if you find an other $8B to spend.

“Even the astir gullible idiosyncratic should not judge Sam’s assertion that this was an accounting error,” the Coinbase enforcement stressed.

Armstrong emphasized successful a follow-up tweet:

It’s stolen lawsuit wealth utilized successful his hedge fund, plain and simple.

While astir radical successful the crypto abstraction hold with the Coinbase brag and judge that Bankman-Fried should spell to jailhouse for what he’s done, determination are immoderate radical who garbage to admit that SBF is simply a fraud.

Shark Tank prima Kevin O’Leary, for example, has insisted that SBF is 1 of the champion traders successful the crypto abstraction and helium would backmost the erstwhile FTX enforcement again if helium has different venture. Billionaire hedge money manager Bill Ackman besides said that helium believes Bankman-Fried was telling the information erstwhile helium said helium “didn’t knowingly commingle funds.”

What bash you deliberation astir Sam Bankman-Fried’s “accounting error” excuse for FTX’s $8 cardinal hole? Let america cognize successful the comments conception below.

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