Coinbase is listed among the investors of FTX after lying!!

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Coinbase is listed among the investors of FTX after lying!!

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Thinking illustrations by Storyset

Late last year, if you had been paying attention to the crypto market, you would have noted that your wallets got a little less worthy to be called a wallet. If you were on Leofinance, you would have also noted the number of posts by people who were either lamenting about their financial states or were dropping the bad things they had to say about FTX and Sam Bankman-Fried.

Well, if you were not awake through all this, then the story was that a major cryptocurrency exchange named FTX misused its funds, got overly involved with politics, and lost its investors' money.

Now, news from the court case is that a list of investors has emerged, and these investors are eventually losing everything they put into FTX. Those that are well-known in this list include Tom Brady, who was promoting FTX during its winning phases, and Gisele Bundchen, who represents Coinbase, were noted to have invested millions. This was very different from what was said by Brian Armstrong (the CEO of Coinbase) while FTX was crashing.

In statements made by Brian on the state of his investment in FTX on their blog, he explained that he had made a small investment worth $15 million in deposits. In subsequent blog posts by Coinbase, they even taunted other investors in FTX about how they had lost their investments. In that post, Brian still went on to say that they did not have any significant amount in FTX. He even blamed the United States and its regulations for having people be involved in shady exchanges like FTX.

With recent documents coming out, it’s a shock to everyone that Coinbase is in just as bad a situation as those who it was willing to slander in its blogs. Right now, the $1.3 million in preferred shares and $4 million in common shares is difficult to estimate.

It is not like Coinbase is doing so well right now, it laid off 1000 of its workers and time can only tell how many losses it will continue to incur.

I am just a little worried about the current state of the crypto market as it is. There are so many dishonest parties in the game that the best thing we can ask for is for them to gradually fall out.

Imagine insulting other people for doing exactly what you are doing because you do not want to look like them. That is hypocrisy at its basic level; they should have kept quiet. Who knows if they'll be losing investors because of all this foolishness?

What are your thoughts on all this? Do you see them falling down, climbing back up, or having this news not affect them at all?

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Posted Using LeoFinance Beta



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