JAKARTA FTX bankruptcy has had a negative effect on the crypto industry, especially reducing consumer confidence in centralized or centralized crypto trading platforms (CEX). Consumer assets controlled and managed by platform owners, have the potential to be manipulated or even even worse stolen.
This condition encourages crypto users to shift their funds to private wallets. They also choose to trade on decentralized crypto exchanges (DEX) such as UniSwap and PancakeSwap.
Commenting on the collapse of FTX some time ago, Coinbase CEO Brian Armstrong stated FTX founder Sam Bankman-Fried had stolen customer money and used it to fund his other hedge fund, Alameda Research.
At the same time, Armstrong emphasized that the crypto community should not be deceived by Sam Bankman-Fried's admission that he made a mistake. Coinbase CEO added that people who are very easily deceived should not have ignored SBF's words.
"I don't care how messy your accounting is (or how rich you are) - you will definitely pay attention if you find an additional eight billion dollars to spend on," said Brian Armstrong, quoted by DailyHodl.
"Even the easiest people to cheat on shouldn't believe Sam's claim that this is an accounting error," he added.
"This is stolen customer money used in its hedge fund, plain and simple," said CEO Coinbase.
Last month, shortly after the collapse of FTX, Armstrong said that Bankman-Fried most likely had committed some form of fraud, and that the disaster was not the result of an honest mistake.
"They had this solvability problem and instead of letting it explode, Sam basically said, 'Hey we have a lot of customer assets here in FTX' or he basically made a loan from FTX to Alameda trying to shore it up. I don't know why he did that," said Armstrong.
That's the moment in my mind where he crossed the line that might be committing fraud. I think he might lie to users, lie to investors and he goes around and tries to cover these different companies like Voyager and BlockFi to get out of this and maybe he thinks he can trade in this way," he concluded.
Bankman-Fried insists that he has never deliberately traded customer funds and deeply regrets the company's current non-functional obligations of US$8.9 billion.
"I don't intentionally mix funds, one part of this [is] margin trading, you have customers borrowing each other [and] Alameda is one of them who I am honestly surprised by how much position [it is], which shows another failed surveillance on my side, "said Sam Bankman-Fried on one occasion.
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