Blockfi to file bankruptcy - another FTX victim

The next domino is falling. It won’t be the last in my opinion. Their $250 million credit evaporated in the blink of an eye.

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Thankfully I’ve only put $10 here. But man… IS COINBASE NEXT

They have audits about their reserves I think.

Bathroom reading for you about CB’s proof of reserves explanation:

SEC filings: Coinbase - Financials - SEC Filings

Quarterly Earnings: Coinbase - Financials - Quarterly Earnings

The 10-Q shows an unaudited balance sheet if you’re interested. They’re definitely losing money.

Omg. I mean understandable i guess since I can’t really imagine anyone making any money in this kind of environment…

Coinbase revenue down 50% from a year ago.

CB lost 500k users between Q2 and Q3, but didn’t lose as many as expected. So some good news.