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I've found a potential inconsistency. The document states their USD assets are $22.5M liquid and $10.5M seized/locked ($33M total) and USD liabilities of $55M.
by dustcoin 13y ago
I've found a potential inconsistency.
The document states their USD assets are $22.5M liquid and $10.5M seized/locked ($33M total) and USD liabilities of $55M.
How is this $22M deficit possible when the balance sheet on page 8 (look for the non-redacted version in this thread) shows a positive income for both the 2012 and 2013 fiscal years?
- patio11 13y agoThey gain transaction fees on both sides of the trade, half in USD/etc and half in Bitcoin. It is possible that they valued their Bitcoin at e.g. market for the purpose of preparing the accounting reports, but did not actually sell it on their own exchange or otherwise. It was, therefore, part of the 120,000 they report as owing themselves, which (if you believe the document) was looted along with the bulk of customers' coins.