Coinbase CEO says FTX stole customer money

Hey Peeps!

Brian Armstrong, the co-founder and CEO of Coinbase, unleashed a tweet storm on Saturday afternoon with his take on Sam Bankman-Fried's excuse for the FTX collapse. 

In a recent interview with Bloomberg, Sam Bankman-Fried essentially chalked the whole collapse of FTX up to bad accounting, in which users' assets were being double-counted. 

Brian Armstrong did not hold any punches in his critique of the attempted excuse, saying "even the most gullible person should not believe Sam's claim that this was an accounting error". 

He even went on to outright claim that SBF stole customer's money and used it as capital in his own hedge fund.

Here is the string of tweets made by Brian Armstrong:

I like to see this type of calling out by influential figures in the crypto world, as I expect SBF to escape true justice. 

We need them to be more active and transparent, so these SBF and FTX situations just do not happen in the future. 

I saw this meme while perusing the comments on Twitter and I found it quite humorous but also alarming how true it actually is.

The government is more worried about how they can control crypto and tax normal people, instead of dealing with insider trading and ponzi schemes. 

I am sure SBF will have nothing done to him by the government, but they will be sure to come after you if you do not report your Venmo transactions!

Do you agree with Coinbase CEO Brian Armstrong?

Or do you buy that FTX collapse was due to bad accounting?

See ya!

:)