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Dec 5 - coinbase ceo declares war on ftx.....says funds were obviously stolen



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 2 months ago '09        #1
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messy marv stan  topics gone triple plat - Number 1 spot x93
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Dec 5 - coinbase ceo declares war on ftx.....says funds were obviously stolen
 

 
visit this link https://www.google.com/am .. 195042753.html




Coinbase Chief Executive Brian Armstrong on Saturday condemned Sam Bankman-Fried’s account of how FTX found itself in an $8 billion hole.

Armstrong said there is no way billions of dollars could have simply slipped past FTX’s founder and former CEO, who graduated from the Massachusetts Institute of Technology with a degree in physics.

“I don't care how messy your accounting is … you're definitely going to notice if you find an extra $8B to spend,” he stated on Twitter. “​​Even the most gullible person should not believe Sam's claim that this was an accounting error.”


image Coinbase’s CEO went on to state how he believed the mismatch on FTX’s balance sheet was created. “It's stolen customer money used in his hedge fund, plain and simple,” Armstrong wrote




In the wake of FTX’s collapse, it has been alleged that $10 billion worth of customer funds had been secretly transferred to Alameda Research, a hedge co-founded by Bankman-Fried, according to reporting from Reuters.


image But Bankman-Fried, also known as “SBF,” has claimed he didn’t “knowingly commingle funds” between FTX with Alameda. He chalked the $8 billion hole up to lackluster accounting in a recent interview with Bloomberg.

He explained that funds from FTX users depositing money into their accounts were being sent to Alameda because some banks were more willing to work with a hedge fund than a crypto exchange

This led to some a*sets being double-counted as users’ accounts were credited, he claims


FTX has since been described as a company with faulty corporate controls by John Jay Ray III, who oversees the exchange’s bankruptcy as its new CEO

The prominent lawyer, perhaps best known for handling the Enron collapse, described the FTX situation as “unprecedented,” and court documents have revealed the exchange did not have an accounting department.

Coinbase has seized on the collapse of FTX to depict itself as a trusted name in crypto, as the collapse of SBF’s empire casts a shadow over the entire industry and its prospective future.

Less than a week after FTX filed for bankruptcy, Coinbase took out a full-page advertisement in the Wall Street Journal, titled “Trust Us.”

It said millions of people had recently placed their trust and money with others that didn’t deserve it



The swift shuttering of FTX has nonetheless tainted investors’ faith in crypto when it comes to both the price of digital a*sets and equities tied to the industry

Following FTX’s bankruptcy filing on Nov. 11, Coinbase’s stock price has fallen 17% to $47.67 from $57.46
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 2 months ago '04        #2
ItAlY2BkLyN 
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the fact dude is not in prison is suspect AF.


+16   

 2 months ago '04        #3
Mark-Ez 
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s0me bullsh*t as usual, i think coinbase is legit tho..
+4   

 2 months ago '20        #4
Born Bad 
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It's cool when they do it, it's a problem when i do.......fock em


+7   

 2 months ago '06        #5
Skateboard T  topics gone triple plat - Number 1 spot x7
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 ItAlY2BkLyN said
the fact dude is not in prison is suspect AF.


Financial fraud investigations require a lot of legwork because it’s all based on paper trails and documentary evidence. He may not be indicted for several more months but I’m sure he and others have already been served multiple subpoenas.

It’s coming, they just need to gather the evidence.
+2   

 2 months ago '04        #6
Mark-Ez 
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 crackrock said
I’m sure a lot of people thought FTX was legit too.

good thing i dont trade coins or hold money on there , i just use the service to exchange crypto to cash
+5   

 2 months ago '05        #7
pnoi89  topics gone triple plat - Number 1 spot x9
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 Mark-Ez said
s0me bullsh*t as usual, i think coinbase is legit tho..
Even if Coinbase may end up being truly legit, the fact that there isn't any regulations to protect consumers, hard wallets with encryption over any exchanges.

Only keep money and crypto on exchanges purely to trade. Then when you're done, stash it away to a hard wallet.
+2   

 2 months ago '07        #8
A-L-P 
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 crackrock said
I’m sure a lot of people thought FTX was legit too.

I never even realized so many people used FTX until the scandal happened. I've seen the name before in passing, but I just a*sumed it was one of those 3rd string "kucoin/bitmart/bitrex" type of exchanges. Never knew it was actually popular lol.
+5   

 2 months ago '19        #9
MP2019  topics gone triple plat - Number 1 spot x1
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Lol coinbase is just as shady, they listed tether lol. Look what they did with lite coin. Coin base will end up crashing out bad eventually too. I don’t understand how you crypto bros keep ignoring the real issue. #tether
+3   

 2 months ago '07        #10
A-L-P 
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 MP2019 said
Lol coinbase is just as shady, they listed tether lol. Look what they did with lite coin. Coin base will end up crashing out bad eventually too. I don’t understand how you crypto bros keep ignoring the real issue. #tether
I haven't logged into Coinbase since like 2021 during my last big withdrawal, but I thought they used USDC instead of USDT (aka tether). Did something change?
+2   

 2 months ago '21        #11
Tlatoani  topics gone triple plat - Number 1 spot x1
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No accounting department at a billion dollar exchange?

Should go to jail just for that.
-1   

 2 months ago '17        #12
justin747  topics gone triple plat - Number 1 spot x5
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 ItAlY2BkLyN said
the fact dude is not in prison is suspect AF.


 Tlatoani said
No accounting department at a billion dollar exchange?

Should go to jail just for that.
What law did he break?

 2 months ago '21        #13
Tlatoani  topics gone triple plat - Number 1 spot x1
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 justin747 said
What law did he break?
The one about stealing 8 billion dollars.
-1   

 2 months ago '17        #14
justin747  topics gone triple plat - Number 1 spot x5
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 Tlatoani said
The one about stealing 8 billion dollars.
He didn’t steal anything, and if he did it’s not illegal. Not in crypto



“Investments” are not guaranteed to be returned in Crypto. That’s what decentralized means. That’s what “code is law” means
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 2 months ago '21        #15
Tlatoani  topics gone triple plat - Number 1 spot x1
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 justin747 said
He didn’t steal anything, and if he did it’s not illegal. Not in crypto



“Investments” are not guaranteed to be returned in Crypto. That’s what decentralized means. That’s what “code is law” means
Is FTX not an American company?

Since when can you just take 8 billion from one company and move it to another without proper accounting?

 2 months ago '17        #16
justin747  topics gone triple plat - Number 1 spot x5
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 Tlatoani said
Is FTX not an American company?

Since when can you just take 8 billion from one company and move it to another without proper accounting?
FTX isn’t American. FTX is based in the Bahamas







Also FTX is just a random company. They’re not bound by audits or any rules and laws like financial institutions
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 2 months ago '21        #17
Tlatoani  topics gone triple plat - Number 1 spot x1
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 justin747 said
FTX isn’t American. FTX is based in the Bahamas







Also FTX is just a random company. They’re not bound by audits or any rules and laws like financial institutions
Welp
-1   

 2 months ago '17        #18
justin747  topics gone triple plat - Number 1 spot x5
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 Tlatoani said
Welp
As fu*ked up as SBF is, technically he didn’t do anything illegal.



I don’t think he’ll get locked up. None of these crypto scammers will get locked up for crypto fraud. They may get locked up for something else but not stealing investors money.

This is how crypto works. High risk, high reward. You risk losing 100% of your money for 10%-20% APR

Nexo is next collapse followed by Binance

+1   

 2 months ago '15        #19
Jad95 
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Crypto billionaires getting wacked these days, dude better have his head on a swivel.

 2 months ago '04        #20
ItAlY2BkLyN 
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 justin747 said
What law did he break?
money laundering, wire fraud, bank fraud, tax fraud, securities fraud.

-1   

 2 months ago '17        #21
justin747  topics gone triple plat - Number 1 spot x5
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 ItAlY2BkLyN said
money laundering, wire fraud, bank fraud, tax fraud, securities fraud.

Crypto doesn’t follow or fall into ANY of these laws, and he’s based in the Bahamas which isn’t a US territory.

FTX is also filling for bankruptcy. Customers become “unsecured creditors” in bankruptcy cases, meaning your money is used to pay lawyer fees and expenses.

We haven’t even got into their liabilities yet.



This what y’all wanted. Banks are the enemy somehow, so you wanted a decentralized system free from banks which means there is no CENTRAL entity to run to when there is fraud and theft. Not even the government can help.

I’m no law expert so maybe I’m wrong and he’ll get locked up, but I think the lack of regulation in Crypto shields SBF from any charges

It’s not his fault that y’all didn’t read the Terms and Conditions before people gave him money.

+2   

 2 months ago '04        #22
ItAlY2BkLyN 
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 justin747 said
Crypto doesn’t follow or fall into ANY of these laws, and he’s based in the Bahamas which isn’t a US territory.

FTX is also filling for bankruptcy. Customers become “unsecured creditors” in bankruptcy cases, meaning your money is used to pay lawyer fees and expenses.

We haven’t even got into their liabilities yet.



This what y’all wanted. Banks are the enemy somehow, so you wanted a decentralized system free from banks which means there is no CENTRAL entity to run to when there is fraud and theft. Not even the government can help.

I’m no law expert so maybe I’m wrong and he’ll get locked up, but I think the lack of regulation in Crypto shields SBF from any charges

It’s not his fault that y’all didn’t read the Terms and Conditions before people gave him money.

you act like nobody has gone to jail because of fraud and tax evasion with crypto.

 2 months ago '19        #23
zzxxccvvbb 
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Crypto in general so suspect

I remember Dutch and Latin American companies trying to set up recurring deals with us for 50k Bitcoin per month with my old company, and when we'd ask them.to convert it to USD they'd proceed to try and explain to us how to use tether.

Trying to claim corporate tax rates were too high
+2   

 2 months ago '17        #24
justin747  topics gone triple plat - Number 1 spot x5
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 ItAlY2BkLyN said
you act like nobody has gone to jail because of fraud and tax evasion with crypto.
It's not the same. The people who got arrested because of Crypto fraud weren't doing the same things as SBF.

When you sign the Terms and Conditions for a CEX, you accept that this scenario can happen



I can name a few of people who basically admitted to Crypto fraud and are scot-free

Ruja Ignatova
Alex Machinsky
Do Kwon
Zac Prince
SBF





 2 months ago '04        #25
ItAlY2BkLyN 
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 justin747 said
It's not the same. The people who got arrested because of Crypto fraud weren't doing the same things as SBF.

When you sign the Terms and Conditions for a CEX, you accept that this scenario can happen



I can name a few of people who basically admitted to Crypto fraud and are scot-free

Ruja Ignatova
Alex Machinsky
Do Kwon
Zac Prince
SBF





So FTX didn't steal customer deposits and launder them instead of keeping them as proof of reserves?



Sign me up
 
 

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