Coinbase (NASDAQ:COIN) is one of the biggest crypto stocks on Wall Street, representing the only publicly traded exchange. While COIN stock might be trading higher today, though, there could be some trouble brewing. The company is now axing a major marketing program in the United States, indicating that trouble still looms over Coinbase.

While individual cryptos plunge, Coinbase and its peer crypto companies have also suffered. Some have missed margin calls and others have filed for bankruptcy protections.

In the case of Coinbase, the crash has led to a balance sheet issue. As a result of the crypto crash, the company has had to slash its operating expenses. The most notable evidence of this has been in its rescissions and layoffs. Coinbase recently terminated all job offers to new hires.

While Coinbase isn’t going to admit it, it’s in the middle of one of the most difficult moments in its history. And as it makes another quick decision to trim the fat, analysts think a liquidity crisis could be brewing for the exchange.

Is Coinbase Worse Off Than the Company Leads Investors to Believe?

If you look at COIN stock prices today, you might think it’s crazy to suggest Coinbase is doing anything but well. After all, shares are up about 8%, riding on the momentum of Ethereum’s (ETH-USD) sizable uptick ahead of the Merge upgrade. However, the company is quietly hacking away at business expenditures deemed inessential. Some think it could be because of looming trouble.

Late last week, the company sent out an email to all of its marketing affiliate creators. Coinbase announced the temporary closure of its marketing affiliate program. The email does provide creators with a promise to resume the program in 2023. However, it offers no specific date for when this will happen.

Affiliates were one of the many ways Coinbase has pushed crypto on the public. Creators and online influencers become affiliates with the company; they can then promote the exchange through specialized content and earn commissions.

Coinbase shutting down the program in the wake of market pressures makes sense given its job cuts. But to many, it looks like evidence that Coinbase isn’t as well off as it might try to seem. Investing influencers are taking the decision as a bad sign; if Coinbase can’t spare the few dollars of kickback it doles out to affiliates, is the company closer to insolvency than it seems?

And even if that is only a very small likelihood, the exchange is so large that its bankruptcy could affect the market in completely new ways. Luckily, it is a public company, meaning investors will get a better peak into Coinbase’s Q2 balance sheet soon. Until then, though, these rumors will continue to run rampant.