how the hell are they going under during such a bull run if they had anything in BTC they should be flush right now. It doesn't make sense. did they not buy anything when it was low? Did they completely mismanage their portfolio?
Companies that deal with BTC usually go tits up when the BTC skyrockets. Why? Because the people managing the funds think they are smarter and sell the BTC for other investments, when the BTC skyrockets and their investments don't, they get caught with their pants down as suddenly they don't have the money pay back their users: they go bankrupt. Remember those companies that gave out huge interest on BTC like Celsius, Hdoldnaut and such? Most of them got obliterated during the previous bull-run.
I had faith this wouldn't happen with FBC because it looked like they weren't doing any side investments, but just keeping most of the BTCs stable. I liked that they seemed to operate only in BTC and not in fiat, avoiding completely the risk of sudden growth of collapse of the coin. Things changed this year, and now it's a real possibility they just invested in something less performing than BTC (like FUN lmao) and are now in the process of getting caught with their pants down.