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Is the Largest US Crypto Exchange Facing Bankruptcy?

 


The rumor mill is churning. Many on social media and the general public are speculating that the largest US crypto exchange, Coinbase, may be facing bankruptcy.

The reason for the speculation is a report by Business Insider with leaked emails from Coinbase .

There it is said that the company will soon discontinue the affiliate program in the USA. It includes advertising deals with influencers and the press.

Crypto influencer Ben Armstrong is one of many spreading rumors of bankruptcy.

Coinbase CEO Brian Armstrong denied the rumors on Twitter.

Unlike other crypto companies that have gone bankrupt, Coinbase has been on the market since 2011 and has survived many crises.

The company is said to have over $6 billion in reserves.

It is obvious that Coinbase has been in trouble for a long time and, like so many other crypto companies, has to take measures to remain solvent in the ongoing bear market.

In May, CEO Brian Armstrong warned that users could lose access to their coins in the event of bankruptcy.

In mid-June, a petition by employees became public. It was directed against three managing directors . The allegations: too fast growth, chaotic planning and "toxic work culture".

CEO Brian Armstrong berated the anonymous signers on Twitter and threatened to fire them.

In June 2022, 1100 employees were made redundant .

Goldman Sachs downgraded Coinbase from Buy to Sell in June. Overall, it has lost over 80 percent since its all-time high.

Coinbase’s NFT marketplace also failed with a bang.

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