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 comments believing that the fall of the ecosystem was the result of a mistake. For Brian Armstrong, the CEO of the Coinbase exchange, the pill will not pass. According to him, Sam Bankman-Fried is fully responsible for what happened and must face the truth.
“Funds were intentionally stolen”
At the last DealBook Summit, SBF was invited to discuss what really happened before the FTX collapse. On this occasion, he said, among other things: “I did not deliberately mix the funds. I don’t know exactly what happened.”. Soon, he attributed the problem to poor accounting, due to the bear market. In summary, he makes 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. on series of tweetshe rejected the theory of false accounting, and insisted that the funds were simply stolen.
“I don’t care if your accounting is messed up (…) You will definitely notice if you find another $8 billion to spend. Even the most gullible person should not believe Sam’s claim that it was an accounting error. Clients’ money was stolen and used by his hedge fund, Alameda research”he wrote.
The event of the collapse of FTX affected the crypto prices, which have been falling ever since. The situation has also damaged investor confidence. To try to bring it back, companies in the sector are multiplying initiatives. One of them is the publication of proof reserves, to guarantee the stability of their coffers. In addition, Coinbase, for its part, published in the Wall Street Journal a document titled “trust us”.
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Far from dampening my enthusiasm, an unsuccessful investment in a cryptocurrency in 2017 only increased my motivation. So I decided to study and understand the blockchain and its many uses and relay the information in my pen related to this ecosystem.