Coinbase’s CEO says FTX’s Sam Bankman-Fried reached out for emergency funds: ‘It felt like a pretty bad situation that we wanted to stay away from’

Coinbase’s CEO says FTX’s Sam Bankman-Fried reached out for emergency funds: ‘It felt like a pretty bad situation that we wanted to stay away from’

Sam Bankman-Fried has resorted to calling rivals of his FTX crypto exchange for help bailing out his embattled company after its deal with Binance fell through. Coinbase CEO Brian Armstrong in an interview with CNBC on Thursday that Bankman-Fried had reached out to him for help raising money. "It quickly became apparent to me that this wasn't the type of asset that we would invest in if it was actually that far underwater and if there had actually been either fraud or just misrepresentation to either customers or investors," Armstrong said. "I was basically reading the room, and it felt like a pretty bad situation that we wanted to stay away from," he added. Armstrong's revelation comes as Bankman-Fried reportedly warned investors that he needs to raise $4 billion in emergency funding or risk bankruptcy, by Bloomberg. "I f---ed up," Bankman-Fried reportedly told investors. It's been a hellish week for the crypto trading platform. Investors reportedly withdrew $6 billion from the FTX earlier this week on fears of a cryptocurrency meltdown, creating a liquidity crunch for the company. Sources Reuters that part of the company's liquidity issue came from alleged misuse of customer funds. The crypto platform initially looked to