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.
Basically, take ur crypto and USD out asap
Heard that before. 👀
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