Coinbase reported a loss of US$430 million in Q1 2022 as revenue slipped 27% compared to a year ago, and the stock ($COIN) has now lost 70% of its value since March.
Cryptocurrency exchange Coinbase lost close to half-a-billion dollars in the first quarter of 2022, which helped push its stock price down to less than one-fifth of the all-time high set a little over one year ago.
Jerry Chan, former Wall Street technologist at Goldman Sachs, shares his own analysis on the case filed by Dr. Craig Wright against Coinbase and Kraken.
Coinbase can't simply dismiss or ignore Dr. Craig Wright’s claim, that they'll have to acknowledge the suit and inform their investors about the potential risks, Joshua Henslee noted in his latest video.
Coinbase’s refusal to respect Dr. Craig Wright’s intellectual property rights could result in the digital currency exchange facing liabilities that vastly exceed any profits derived from its ill-conceived strategy.
With the launch of Dr. Craig Wright’s colossal lawsuit accusing exchanges Coinbase and Kraken of passing-off digital assets (such as BTC) as Bitcoin, the term is likely to become a popular topic of discussion among digital asset circles.
Satoshi Nakamoto, the inventor of Bitcoin, is legally going after digital currency exchanges Coinbase and Kraken over their misrepresentation of BTC as Bitcoin.
Coinbase doesn’t care about anything other than making money. For them, the law is secondary and they intentionally chose to overlook it.
Bitcoin creator Dr. Craig Wright is suing Coinbase and Kraken over their use of the name Bitcoin in relation to assets that do not conform to the system described in the white paper.
Dan Schulman announced the plan during the company's Q1 2022 earnings call on April 27, saying that this feature is the future of PayPal and the payments industry.
Source of funds is a set of rules that order banks and other financial institutions to know where and how their clients obtained funds before accepting them into their bank accounts.