April 13, 2024

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Coinbase CEO Says Sam Bankman-Fried’s Hedge Fund Used $8B Of Stolen Customer Money – Coinbase Global (NASDAQ:COIN)

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Coinbase CEO Says Sam Bankman-Fried's Hedge Fund Used $8B Of Stolen Customer Money - Coinbase Global (NASDAQ:COIN)

Coinbase Global COIN CEO Brian Armstrong harshly criticized Sam Bankman-Fried, suggesting that the discrepancy on FTX’s balance sheet was triggered by the misappropriation of customers’ funds.

“It’s stolen shopper income utilized in his hedge fund, simple and basic,” Armstrong mentioned.

What Took place: On Saturday, Armstrong disagreed with the clarification presented by Bankman-Fried with regard to FTX’s 8-billion-greenback deficit. He expressed his disbelief that these types of a massive sum of revenue could not have gone unnoticed by SBF.

“I you should not care how messy your accounting is … you might be absolutely going to notice if you uncover an extra $8B to invest,” he said on Twitter. “​​Even the most gullible particular person need to not consider Sam’s claim that this was an accounting mistake.”

See A lot more: Ideal Crypto Apps

Pursuing the bankruptcy of FTX, it has been prompt that $10 billion in buyer cash experienced been covertly transferred to Alameda Exploration, a hedge fund co-launched by SBF.

Even so, SBF has asserted that he did not knowingly combine cash among FTX and Alameda. He attributed the $8 billion deficit to inadequate bookkeeping in a modern interview with Bloomberg.

Selling price Action: At the time of crafting, FTT was investing at $1.41, up 4% in the final 24 several hours, in accordance to Benzinga Professional.
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Browse Upcoming: Sam Bankman-Fried To Testify Right before U.S. Residence Committee After ‘Learning and Reviewing’ FTX Crash

Picture by TechCrunch on Flickr

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