Coinbase CEO: Crypto Has ‘A Black Eye’ Because of Scammers

Recently, Coinbase CEO Brian Armstrong evaluated the state of the crypto industry, telling Axios that “crypto isn’t going anywhere.” The crypto leader colorfully said the industry was suffering from “a black eye because it’s attracted its unfair share of scammer[s] and fraudulent people over the years. Some of it was just bad management if you look at something like Mt. Gox, but with FTX it appears to be actual fraud.”

“But that’s not representative of the entire industry, and crypto isn’t going anywhere. It’s just like Bernie Madoff or someone like that in the traditional financing system. It’s frustrating and makes everyone look more closely at everything,” he said.