CZ suspects Coinbase may be in some financial trouble

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The CEO of Binance posted a tweet suggesting Coinbase might be in some financial trouble, but quickly deleted it. 

Coinbase CEO Brian Armstrong has quashed concerns about the status of the company's Bitcoin holdings following suspicions from Changpeng Zhao (CZ). 

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The CEO of Binance has delete tweets mine, promise to “working together to improve transparency in the industry”.

CZ's now-deleted post casts doubt on two claims about the exact amount of Bitcoin held by Coinbase.

The first is a statement from Coinbase Custody CEO Aaron Schnarch stating that the company has held 635.000 BTC on behalf of Grayscale Bitcoin Trust (GBTC).

The second is a statement 4 months ago about Coinbase's exchange holding less than 600.000 BTC.

Concerns about both Grayscale and Coinbase began to arise when the former company refuse provide proof of its crypto holdings.

Messari founder Ryan Selkis pointed out that Coinbase has audited its finances proving that it holds approximately 2 million Bitcoins. 

The CEO of Binance eventually deleted the tweet after receiving a direct message from Brian Armstrong detailing the financials.

“If you see FUD out there – remember, our finances are public (we are public),” Armstrong clarified in a follow-up tweet.

Documents provided by the CEO show that his company held approximately $39,9 billion in Bitcoin at the end of Q3 2022.


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