Coinbase CEO Brian Armstrong Says It’s ‘Baffling’ That Sam Bankman-Fried Isn’t in Custody

Brian Armstrong of Coinbase has been critical of former FTX CEO Sam Bankman-Fried in the wake of the crypto platform’s collapse

That was Coinbase (COIN) CEO and founder Brian Armstrong talking about former FTX CEO Sam Bankman-Fried at the a16z crypto Founder Summit last week.

“I think we were all pretty shocked to see the scope of the fraud that happened at FTX,” Armstrong said. “And let’s call it a fraud. We have to call it what it actually is.”

See also: Even the Winklevoss twins aren’t immune to the crypto crisis, with $900M of their customers’ money frozen in wake of FTX collapse

FTX collapsed and later filed for Chapter 11 bankruptcy protection after struggling with liquidity issues in November. Bankman-Fried has been criticized by many people over his role in FTX’s collapse and has admitted he “misaccounted” $8 billion in FTX funds.

The Coinbase CEO added that he believes Bankman-Fried had a major part in FTX’s collapse, even saying, “frankly it’s baffling to me why he’s not in custody already.”

MarketWatch’s Lukas Alpert detailed the legal challenges that Bankman-Fried is facing here.


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