Coinbase Gives Crypto Investors Grim Warning During Earnings
Yesterday during $COIN earnings, Coinbase talked about what would happen should they file bankruptcy, and what it would mean for your Bitcoin. I am posting this to remind you all THAT YOU SHOULD NOT KEEP YOUR BITCOIN ON EXCHANGES.
"Moreover, because custodially held crypto assets may be considered to be the property of a bankruptcy estate, in the event of a bankruptcy, the crypto assets we hold in custody on behalf of our customers could be subject to bankruptcy proceedings... and such customers could be treated as our general unsecured creditors..."
Guys, get your crypto off exchanges and into wallets you own.
My only intention with this post was to let people know what Coinbase said and also to serve as another example why you should store your crypto on a cold storage wallet you own.
Personal Position: 0.1 BTC, 2 ETH
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