Coinbase: Rumors of insolvency and crisis surrounding the company gained momentum after a report, based on leaked emails, was released that said the company “temporarily closed” its affiliate program in the United States.
According to Business Insider, influencers and media affiliated with the affiliate program aimed at attracting new users to Coinbase received an email notifying them of the system suspension.
“We regret to inform you that Coinbase will be temporarily closing its US Affiliate Program effective Tuesday, July 19.“, said the company.
It is possible that in the midst of the worst crisis facing the cryptocurrency market, Coinbase will take steps to remain solvent, as multiple corporate liquidations have taken place in the ecosystem.
However, after the collapse of Terra in early May, which contributed to the downward trend in the market, the community is closely monitoring the development of the situation.
Coinbase is therefore now at the center of their concerns, as expressed by users who keep the debate open on Reddit and on Twitter.
Some members of the community discount the possibility of a bankruptcy of one of the main stock exchanges in the United States. Others prefer to be cautious and, in the face of rumors, say they will close the accounts they have kept open on Coinbase.
What Does Coinbase CEO Say About Bankruptcy Rumors?
Coinbase CEO Brian Armstrong denied these rumors on Twitter. “Recessions make the best companies even stronger, and this one will be no exception for us“, said the leader.
A number of people have asked me how Coinbase wins in this environment, and turns it into an opportunity for growth.
Here’s my answer:
— Brian Armstrong – barmstrong.eth (@brian_armstrong) July 15, 2022
In his lengthy post, Brian Armstrong lists features of the stock market that he says denote its strength and set it apart from other companies that have failed.
He also shared his account of the “crazy journey of building a 100 billion dollar company“, without, however, directly answering some of the questions that trouble the community.
Really enjoyed doing this podcast with @SteveBartlettSC! What a great interviewer https://t.co/NZsssuhanc
— Brian Armstrong – barmstrong.eth (@brian_armstrong) July 20, 2022
Some question the reasons that led the company, last May, to issue an alert warning that in the event of bankruptcy, the funds of its users are in danger.
Here’s a hypothetical question:
Let’s say you removed 1 bitcoin from Celsius within the 90 day window and then you transferred it to Coinbase and then they declared bankruptcy as well? If there is a preferential clawback in both cases are you then responsible for 2 bitcoins?
—Jeff (@bitcoin249) July 20, 2022
“Coinbase’s earnings have been bad and it’s even worse that the cryptocurrency exchange is now warning that its bankruptcy could lead to the loss of user funds,” one person wrote on Twitter.