A disclosure suggesting that people aren’t protected in bankruptcy cases has gained traction online following the Coinbase report (NASDAQ:). However, Coinbase CEO Brian Armstrong explained that funds are safe “as they’ve always been.”

In the company’s first-quarter report for 2022, Coinbase reported its first loss amounting to $430 million. In addition to this report, Coinbase also revealed that 11.4 million users have stopped transacting on its exchange. This is also reflected in the 9.2 million user figure.