The tech slowdown and crypto crash have together proven particularly tough on Coinbase. The company's share price has dropped 70 percent so far this year as crypto prices and trading activity both plummeted. In May, the company announced it had lost over $400 million in the first three months of the year, compared to a profit of nearly $400 million one year earlier. A new and required SEC disclosure from the company laying out what would happen to customers' coins in the event of bankruptcy led to fearful rumblings. Following this, CEO Brian Armstrong said on Twitter the company was at " no risk of bankruptcy " but admitted the company "didn't communicate proactively when this risk disclosure was added."