Coinbase CEO Questions Former FTX CEO’s Claim of Losing $8 Billion In Accounting Error

• The former FTX CEO transferred some of the customer funds to Alameda Research.
• Coinbase’s stock has been trading at $369 (USD) for the past few weeks.
• Coinbase Wallet partnered with Transak to keep crypto assets safe and secure.

On Saturday, Coinbase CEO Brian Armstrong questioned FTX’s claims of losing $8 billion. He finds it hard to believe that the former FTX CEO, Sam Bankman-Fried, who graduated from Massachusetts Institute of Technology with a degree in Physics, lost $8 billion in an accounting error.

Brian tweeted, “even the most gullible person should not believe Sam’s claim that this was an accounting error. I don’t care how messy your accounting is, you are definitely going to notice if you find an extra $8 billion (USD) to spend.”

According to The Coin Republic, during the FTX downfall, approximately $1 billion (USD) worth of customer funds was missing from the platform. Analysts believed that SBF secretly transferred $10 billion worth of customer funds to Alameda Research.

FTX Downfall Hardly Affected Coinbase Stocks

Coinbase, one of the leading cryptocurrency exchanges with more than $200 billion (USD) worth of assets under management, faced price fluctuations in the recent FTX collapse. From the past few weeks, Coinbase’s stock was trading at $369 (USD), down 81%. Coinbase is one of the crypto platforms highly dependent on trading revenues.

According to The Coin Republic, Jim Chanos, a popular investment advisor, said that cryptocurrency stocks are now under pressure due to falling fee revenue figures in the crypto market. Chanos stated that after FTX filed for bankruptcy, the price of crypto assets gradually decreased.

Chanos, known for his stock market predictions, said he had warned that the S & P 500 could plunge another 55% in upcoming weeks.

Coinbase Wallet Partnered With Transak

UK-based Transak, a Web3 onboarding infrastructure provider, announced that users of Coinbase wallet in South East Asia could utilize the Transak Web3 platform. The regional director at Coinbase in South East Asia highlighted the importance of users controlling their funds. Coinbase is slowly recovering from the FTX collapse currently it is trading at $47.67 (USD) with a 2.4% high.

He said, “self-hosted wallets are on the rise, as more people become aware of the importance of keeping their assets safe, secure and in their control. Coinbase Wallet, now partnered with Transak, makes it even easier for SEA customers to access crypto and Web3.”

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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