Screenshot 2022 05 11 075130 oqBGKl

Coinbase bankruptcy wording triggers warnings to move crypto off exchanges

On May 10, crypto exchange Coinbase released its Q1 2022 earnings report doing little to calm choppy market conditions.
It showed net revenue down 53% from the previous quarter, to $1.165 billion, and a net loss of $430 million. Mizuho Analyst Dan Dolev attributed this to falling trading volume due to the early arrival of crypto winter.
“Crypto winter has come early, and temperatures are dropping fast.”
Shares in the largest US exchange dropped 44% on the day as investors came to terms with the worse than expected performance.
Coinbase made its Nasdaq debut in April 2021. Its mainstream TradFi arrival was supposed to herald a new era, achieving a first-day closing price of $328.28. But more than a year later, $COIN is trading 78% down from its debut closing price.
What’s more, some investors were surprised to discover a bankruptcy disclosure statement in the report. It states customers could be treated as unsecured creditors, meaning they may not get their fund

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