Coinbase, a leading cryptocurrency exchange platform,has found itself in the midst of legal crosshairs as they posted upsetting first quarter numbers. According to records, they suffered massive losses amounting to upwards of $430 million dollars. Share prices tumbled as much as 15% as of market close one month ago, as the stock saw shares go as high as $3.05 a piece earlier in the year. The shift in value was quick to garner the attention of regulators as a national stockholder law firm(change link) has opened an investigation into Coinbase amid concerns over possible federal securities violations.
Led by CEO Brian Armstong, Coinbase workers are none to pleased with recent events as a subsequent petition has been circulating among internet boards in an effort to remove high ranking executives from keeping their positions. In response,employees have been advised to resign as the petition has been dismissed as unethical,while facing continuing volatility over the next several weeks. Over the last ninety days,the platform has hemmorhaged as valuations dipped roughly 70% causing an uproar and prompting concern over their future viability as well as regulators alike. The company’s future is anybodys guess as it appears another blockchain unicorn may be biting the dust.
