Coinbase CEO Dismisses FTX`s Accounting Error Claim

Brian Armstrong feels that SBF should be detained.
People can’t accept that FTX was only able to file for bankruptcy due to an accounting mistake.
Sam Bankman-Fried is allegedly protected by a powerful legal force.

The CEO of Coinbase feels that Sam Bankman-Fried should be detained and objected to SBF declaring FTX insolvent due to an accounting mistake. Brian further stressed that the massive collapse of FTX was a fraud since it was obvious that the client’s money had been transferred to Sam’s hedge fund.

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On December 4, Coinbase CEO Brian Armstrong stated that he would undoubtedly notice an additional $8 billion in SBF’s account. This is regardless of how disorganized the company’s accounts are or how wealthy SBF is.

However, people find it hard to accept that FTX was only able to file for bankruptcy due to an accounting mistake when it is obvious that client cash was at risk.

Also in the sharing at the a16z crypto Founder Summit on Tuesday, he said;

“The DOJ or somebody should be able to make – just based on his public statements, I think there’s a very open and shut case for fraud,”. He thought it was confusing that Sam wasn’t in custody yet.

Armstrong also questioned why the media has refrained from calling Bankman-Fried a criminal.

I think we were all pretty shocked to see the scope of the fraud that happened at FTX. And let’s call it a fraud. We have to call it what it actually is. It’s been pretty bizarre that mainstream media hasn’t really come out and said, ‘This guy’s a criminal.’ Maybe they want to wait until he’s actually indicted or something like that, and in custody. But it seems very clear at this point that that’s the case.

Because of this, it may be claimed that Sam Bankman-Fried is protected by a powerful legal force. This might be attributed to the fact that he was raised in a household with strong political and legal ties.

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Godfrey Mwirigi

Godfrey Mwirigi is an enthusiastic crypto writer with an interest in Bitcoin, blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience in their day-to-day endeavors.