| Alright so I read the balance sheet: 1. The numbers you refer to are from the unaudited quarterly report 2. The last audited numbers are from their annual report, end date Dec 2021, during the tail end of bull market 3. $95 billion of the assets on the balance sheet are crypto assets. This is an unaudited figure, but there is no obligation to hold crypto 1:1 from what was deposited 4. Concentration of credit risk was a significant risk listed. This would apply to non insured funds at banks in excess of $250,000 and they also face risk of Tether or USDC imploding. We do not know the composition of their crypto assets. About 1/3rd of their audited crypto assets are classed as “other” There’s plenty of room there for saying “I am shocked, shocked that our assets were not redeemable at market value en masse in the flash crash” We’re talking about a company which has been repeatedly and publicly slapped by the SEC, in an industry full of accounting fraud, in a bear market, and which the markets rate as highly distressed. Perhaps they risk criminal prosecution for missteps, but there are plenty of examples of that not being sufficient deterrent, of companies trying to dig themselves out of a hole. You were referring to their unaudited 2022 balance sheet correct? I am not an expert so please tell me if I have missed something |