Recently, at the DealBook Summit organized by the New York Times, Sam Bankman-Fried made his first public appearance since the collapse of the FTX exchange. On this occasion, the ex-CEO of the company made remarks tending to make believe that the fall of the ecosystem is the result of an error. For Brian Armstrong, the CEO of the Coinbase exchange, the pill does not pass. According to him, Sam Bankman-Fried is totally responsible for what happened and should face reality.
“The funds were intentionally stolen”
At the last DealBook Summit, SBF was invited to talk about what really happened before the collapse of FTX. On this occasion, he said, among other things: “I did not knowingly mix the funds. I didn’t know exactly what was going on.”. Shortly before, he attributed the problem to lackluster accounting, due to the bear market. In summary, he held an argument that wants the ecosystem to be the victim of an accounting error.
But not everyone is ready to swallow the snake. This is the case of Brian Armstrong, the CEO of the Coinbase exchange. In series of tweetshe rejected the theory of accounting error, and insisted that the funds were simply stolen.
“I don’t care if your accounting is messy (…) You will definitely notice if you find another $8 billion to spend. Even the most gullible person shouldn’t believe Sam’s claim that it was an accounting error. It was clients’ money that was stolen and used in his hedge fund, Alameda research”he wrote.
The occurrence of the FTX collapse affected crypto prices, which have been plunging ever since. The situation has also damaged investor confidence. To try to restore it, companies in the sector are multiplying initiatives. One of them is the publication of reserve proofs, to guarantee the solidity of their treasuries. In addition, Coinbase, for its part, published in the Wall Street Journal a document entitled ” Trust us “.
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