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Coinbase warns users could lose their crypto holdings if the company goes bankrupt. Below excerpt and title of this article reported by Canales. K. (2022, May 11). Coinbase warns users could lose their crypto holdings if the company goes bankrupt. Business Insider 'Coinbase said its users' crypto assets could become company property if it went bankrupt. The company added the disclosure for the first time in its earnings report Tuesday.' 'The disclosure was included in the company's first-quarter earnings report, and that was the first time the risk factor was mentioned. It also noted that Coinbase held $256 billion in fiat currencies and virtual coins.' '"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," the company said.' To read full article, click here Photo by TechCrunch on Flickr Legal Disclaimer: INFYNIT is providing the content here for educational purposes only. All opinions are of the original author and not an opinion of INFYNIT or any of its affiliates. #GlobalNews #Coinbase #Bankruptcy #custodial #crypto
