By Richard Hines
Following the claim of the former chief executive officer of the failed FTX, Sam Bankman-Fried, publicising his regret over filing for bankruptcy and pinning the reason on an accounting error on the company’s side.
Brian Armstrong has taken to his Twitter page to discredit the claim and say that it does not hold water. According to him, it appears as if Bankman-Fried stole customers’ funds to pump his hedge fund.
Bankman-Fried’s Excuse Does Not Hold Water
In a recent published interview with Bloomberg, the American billionaire and chief executive officer of the famous Coinbase crypto platform, Brian Armstrong, expressed his view over the reason Sam Bankman-Fried, the former CEO of the failed FTX, gave.
Recently, Bankman Fried expressed his regrets for “quickly” filing for bankruptcy and pinned the reason on an accounting error that made FTX lose $8 billion dollars.
Brian Armstrong has contended this and has asserted that it is the lamest excuse on earth. In the words of the Coinbase CEO, it does not matter how rusty your knowledge of accounting is or how overwhelmingly rich you are; you just have to notice that you have an extra $8 billion for you to spend.
Armstrong went on to state that he does not one bit believe that Bankman-Fried, who has a degree from the famous Massachusetts Institute of Technology, will have the huge sum of $8 billion dollars leave his sight without being detected.
The CEO went on to assert that obviously the money was stolen and syphoned into Bankman-Fried’s hedge fund, and for obvious reasons he is having a hard time admitting it to the public. He went on further to state that even the dumbest person on earth would not believe Bankman-Fried.
Since the FTX fall, Coinbase, a contender in the crypto space, has seized the opportunity to try to show the industry that it is a better alternative.
FTX Did Not Have An Accounting Department
The newly appointed CEO, John Jay Ray III, has stated that the crypto exchange does not have a solid corporate structure and governance.
John, who is a juggernaut in bankruptcy handling and led the famous energy firm, Enron, during its bankruptcy proceedings, has stated that the exchange unbelievably did not have an accounting department.
The CEO stated that the FTX situation is an overwhelming surprise, but hands are already on deck to put things back into place.