Sam Bankman-Fried was criticized by Coinbase CEO for attributing FTX’s $8 billion hole to a “accounting error

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Sam Bankman-Fried, the former CEO of FTX, was criticized by Brian Armstrong, the chief executive of the Nasdaq-listed cryptocurrency exchange Coinbase, for asserting that FTX is missing $8 billion as a result of a “accounting error.” He emphasized: “It’s just stolen consumer money used in his hedge fund.”

Brian Armstrong on SBF’s Allegation of an Accounting Error

Sam Bankman-Fried, a co-founder of the defunct exchange FTX, was criticized by Coinbase CEO Brian Armstrong for attributing the $8 billion hole in the exchange to a “accounting error.”

The money was subsequently double-counted in the internal accounting system of the cryptocurrency exchange, crediting both the exchange and the clients.

The Coinbase executive emphasized that “even the most gullible person should not trust Sam’s assertion that this was an accounting error.”

Simply put, the money used in his hedge fund was stolen from customers.

There are some people in the cryptocurrency community who refuse to acknowledge that SBF is a fraud, even if the majority of them agree with the Coinbase CEO and think Bankman-Fried should go to jail for what he did.

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