Crypto Held on Coinbase Could be Subject to Bankruptcy Proceedings
-In the event of a bankruptcy, crypto assets stored on Coinbase could be subject to bankruptcy proceedings and customers could be treated as unsecured creditors.
-Coinbase CEO Brian Armstrong has refuted these claims, stating that the company has no risk of bankruptcy and that customer funds are safe.
-However, Armstrong has admitted that there is no legal protection currently in place for retail customers’ crypto assets, and that the company is working on adding this.
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