Backblaze is facing significant scrutiny due to allegations of financial malpractice and executive misconduct. Key points include:

• The company has never reported a profit, raising concerns about its financial viability.
• Executives are reportedly selling their shares aggressively, which often signals a lack of confidence in the company's future.
• Backblaze is losing customers to competitors like Wasabi, indicating potential issues with its offerings or market strategy.
• Accusations of accounting irregularities suggest that the company may be manipulating financial records.
• The company is engaged in legal battles with former executives over allegations of wrongful termination and anti-whistleblower actions.
• A notable turnover of executives raises questions about leadership stability and direction.

These issues pose serious risks to investors and could impact Backblaze's long-term success in the competitive cloud storage market.