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

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 consequence of an “accounting error.” He burdened: “It’s stolen customer money used in his hedge fund, plain and simple.”

Brian Armstrong on SBF’s ‘Accounting Error’ Declare

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, printed Friday, how he “misplaced $8 billion.” The previous FTX boss replied: “Misaccounted.” He additional defined that FTX prospects typically wired cash to his buying and selling agency, Alameda Analysis, 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 individuals 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 undoubtedly 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 burdened.

Armstrong emphasised in a follow-up tweet:

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

Whereas most individuals within the crypto house agree with the Coinbase boss and imagine that Bankman-Fried ought to go to jail for what he’s accomplished, 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 among the greatest merchants within the crypto house and he would again the previous FTX govt once more if he has one other enterprise. Billionaire hedge fund supervisor Invoice Ackman additionally mentioned that he believes Bankman-Fried was telling the reality when he mentioned he “didn’t knowingly commingle funds.”

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$8 billion gap, accounting error, Alameda Analysis, Brian Armstrong, Brian Armstrong Sam Bankman-Fried, Brian Armstrong SBF, Coinbase, Coinbase Sam Bankman-Fried, Coinbase SBF, FTX accounting error, FTX accounting errors, Sam Bankman-Fried, sbf

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

Kevin Helms

A pupil of Austrian Economics, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His pursuits lie in Bitcoin safety, open-source programs, community results and the intersection between economics and cryptography.

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