Coinbase Under Pressure to Prove it’s BTC Reserves, Accused of Issuing IOUs to Blackrock

A little storm is brewing for Coinbase, the company is accused on social media of not having enough bitcoin reserves, and that it’s issuing IOUs not backed by real bitcoin for institutions and ETFs. Furthermore there are accusations that the wrapped bitcoin style cbBTC, will also not have the reserves. Accusing Coinbase of playing the same “trust me bro” game FTX pulled on everybody.