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by iseeyou
1319 days ago
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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
https://finance.yahoo.com/news/coinbase-warns-customers-coul... |
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There’s no precedent. Disclosures are always worst case scenarios
And again, will anyone please read their fucking balance sheet?
Liabilities of $105bn, $101bn which are deposit liabilities vs. $101bn of customer assets.
Even in a worst case scenario depositors get a <4% haircut.
THIS IS VERY DIFFERENT FROM WHAT FTX DID