Beautiful Virgin Islands

Friday, Aug 08, 2025

Coinbase CEO slams Sam Bankman-Fried: 'This guy just committed a $10 billion fraud, and why is he getting treated with kid gloves?'

Coinbase CEO slams Sam Bankman-Fried: 'This guy just committed a $10 billion fraud, and why is he getting treated with kid gloves?'

FTX founder Sam Bankman-Fried has received "a lot of softball interviews" from the media, according to Coinbase CEO Brian Armstrong.
Sam Bankman-Fried is getting treated "with kid gloves" despite facing allegations he committed a $10 billion fraud, said Coinbase CEO Brian Armstrong.

Watching how FTX's collapse has unfolded, Armstrong told Stratechery's Ben Thompson in a podcast interview that he feels that the "mainstream media" has given the fallen cryptocurrency CEO "a lot of softball interviews."

"I mean, this guy just committed a $10 billion fraud, and why is he getting treated with kid gloves?" Armstrong asked.

He pointed to a recent Twitter exchange between Bankman-Fried and California representative Maxine Waters, where the congresswoman "very politely," as Armstrong said, asked the FTX founder to attend the US House Committee on Financial Services' hearing on December 13.

"We appreciate that you've been candid in your discussions about what happened at #FTX," Waters tweeted. "Your willingness to talk to the public will help the company's customers, investors, and others. To that end, we would welcome your participation in our hearing on the 13th."

Bankman-Fried replied that when he's "finished learning and reviewing what happened, I would feel like it was my duty to appear before the committee and explain," adding that he's "not sure that will happen by the 13th."


Armstrong described Bankman-Fried's reply as "politely deferring," and said the exchange "was bizarre." Waters has since said "a subpoena is definitely on the table," if Bankman-Fried doesn't show up.

"Compare her tweets about Mark Zuckerberg for instance, who never stole $10 billion from people, whatever you think about the guy," Armstrong said.

Waters criticized Zuckerberg in 2019 during his plans to launch a global digital currency called Libra.

"Misuse! Manipulation! Discrimination! Criminal Activity!," Waters tweeted. "Just a few of Facebook's egregious offenses & now they have the nerve to launch a #BigTechTakeover in the form of a currency that could rival the U.S. Dollar?! Is it 10 o'clock yet? Mr. Zuckerberg & I have a lot to discuss." 


Armstrong said Bankman-Fried's alleged movement of customer funds from FTX to his trading company, Alameda Research, is "a violation not only of the terms of service as it's written as far as I understand it, but it's also probably just against the law and outright fraud."

He's not the only crypto CEO who's criticized the former FTX CEO recently.

Changpeng "CZ" Zhao, the CEO of Binance, tweeted on Tuesday that, "SBF is one of the greatest fraudsters in history, he is also a master manipulator when it comes to media and key opinion leaders." He added that FTX "killed themselves (and their users) because they stole billions of dollars of user funds."


Binance had initially planned to bail out its rival at the beginning of November after FTX asked for help amid a "liquidity crunch."

The next day, however, Binance pulled out of the deal, pointing to "news reports regarding mishandled customer funds and alleged US agency investigations."

Armstrong said even if given the chance to interview Bankman-Fried himself, he doesn't "think I have any questions at this point." 

"But I kind of just want to turn the page on the whole thing, to be honest," Armstrong told Thompson. "The bankruptcy lawyers, and the DOJ, and everybody are going to have to figure out how to hopefully put these folks behind bars. Not just Sam, but the other people involved."
Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Trump Administration Increases Reward for Arrest of Venezuelan President Maduro to Fifty Million Dollars
Armenia and Azerbaijan to Sign US-Brokered Framework Agreement for Nakhchivan Corridor
British Labour Government Utilizes Counter-Terrorism Tools for Social Media Monitoring Against Legitimate Critics
OpenAI Launches GPT‑5, Its Most Advanced AI Model Yet
Embarrassment in Britain: Homelessness Minister Evicted Tenants and Forced to Resign
President Trump nominated Stephen Miran, his top economic adviser and a critic of the Federal Reserve, to temporarily fill an open Fed seat
The AI-Powered Education Revolution: Market Potential and Transformative Impact
Chikungunya Virus Outbreak in Southern China: Over 7,000 Hospitalized
French wine makers have seen catastrophic damage to vines that were almost ready to be harvested after the worst fires in more than 70 years burned through the south of the country
US Lawmaker Probes Intel CEO’s China Ties Amid National Security Concerns
Brazilian President Lula says he’ll contact the leaders of BRICS states to propose a unified response to U.S. tariffs
Trump Open to Meeting Putin as Soon as Next Week, with Possible Trilateral Summit Including Zelenskiy
Katy Perry and Justin Trudeau spark dating rumors, joining high stakes world of celeb-politician romances
US envoy Steve Witkoff arrived in Moscow to seek a breakthrough in the Ukraine war ahead of President Trump’s peace deadline
WhatsApp Deletes 6.8 Million Scam Accounts Amid Rising Global Fraud
Nine people have been hospitalized and dozens of salmonella cases have been reported after an outbreak of infections linked to certain brands of pistachios and pistachio-containing products, according to the Public Health Agency of Canada
Karol Nawrocki Inaugurated as Poland’s President, Setting Stage for Clash with Tusk Government
Trump Signals JD Vance as ‘Most Likely’ MAGA Successor for 2028
US Charges Two Chinese Nationals for Illegal Nvidia AI Chip Exports
Texas Residents Face Water Restrictions While AI Data Centers Consume Millions of Gallons
U.S. Tariff Policy Triggers Market Volatility Amid Growing Global Trade Tensions
Tariffs, AI, and the Shifting U.S. Macro Landscape: Navigating a New Economic Regime
Representative Greene Urges H-1B Visa Cuts Amid U.S.-India Trade Tensions
U.S. House Committee Subpoenas Clintons and Senior Officials in Epstein Investigation
Sydney Sweeney Registered as Republican as Controversial American Eagle Ad Sparks Debate
Trump Accuses Major Banks of Politically Motivated Account Denials and Prepares Executive Order
TikTok Removes Huda Kattan Video Over Anti-Israel Conspiracy Claims
Trump Threatens Tariffs on India Over Russian Oil Imports
German Finance Minister Criticizes Trump’s Attacks on Institutions
U.S. Proposes Visa Bond of Up to $15,000 for Some Applicants
U.S. Farmers Increase Lobbying Amid Immigration Crackdown
Elon Musk Receives $23.7 Billion Tesla Stock Award
Texas House Paralyzed After Democrats Walk Out Over Redistricting
Mexican Cartels Complicate Sheinbaum’s U.S. Security Talks
Mark Zuckerberg Declares War on the iPhone
India Rejects U.S. Tariff Threat, Defends Russian Oil Purchases
United States Establishes Strategic Bitcoin Reserve and Digital Asset Stockpile
Thousands of Private ChatGPT Conversations Accidentally Indexed by Google
China Tightens Mineral Controls, Curtailing Critical Inputs for Western Defence Contractors
OpenAI’s Bold Bet: Teaching AI to Think, Not Just Chat
Tesla Seeks Shareholder Approval for $29 Billion Compensation Package for Elon Musk
Nvidia is cutting prices on its RTX 50-series graphics cards after sales slowed and inventories piled up
Ghislaine Maxwell Transferred to Minimum-Security Prison Amid Ongoing DOJ Discussions
U.S. Tariffs Surge to Highest Levels in Nearly a Century Under Second Trump Term
Matt Taibbi Slams Media for Role in Russiagate Narrative
Pilots Call for Mental Health Support Without Stigma
All Five Trapped Miners Found Dead After El Teniente Mine Collapse
Ong Beng Seng Pleads Guilty in Corruption Case Linked to Former Singapore Transport Minister
BP’s Largest Oil and Gas Find in 25 Years Uncovered Offshore Brazil
Italy Fines Shein One Million Euros for Misleading Sustainability Claims
×