Auditor Exposes ‘Weakness’ in Nasdaq-Listed Crypto Stock

Being a crypto company isn’t as easy as it looks. Just ask Riot Blockchain, a Nasdaq-listed company that was previously known as Bioptix. Riot is the subject of an audit in which “material weakness” was discovered in their financial reporting, according to a U.S. SEC filing. As of year-end 2018, Riot had a cash war chest of $225,000 versus nearly $42 million when the bitcoin price was at its peak. Meanwhile, the company’s crypto mining operation: “generated approximately $7.7 million in revenue on the production of 1,081 bitcoins (including Bitcoin Cash as converted) and 3,023 Litecoins for the year.” Marcum,

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