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Coinbase Faces No Risks of Bankruptcy Despite Market Crash and Disappointing Q1 Results, Says CEO

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Brian Armstrong has reassured users that their funds are safe with Coinbase and the company is in no danger of bankruptcy despite unfavorable events.

The disclosure revealed that customers could be treated as “general unsecured creditors.” In other words, if Coinbase ever declares bankruptcy, customers might lose all the cryptocurrencies stored on the exchange as they would be the last in line to make claims.

Armstrong took to Twitter on Wednesday to explain the new filing to customers while reassuring them that their funds are safe with the exchange despite uncertain market conditions.

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Basically, take ur crypto and USD out asap

Heard that before. 👀

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