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I wonder how "We will be depositing funds into your account equal to the value of the currency improperly removed from your account at the time of the incident"
by tgsovlerkhgsel 5y ago
I wonder how "We will be depositing funds into your account equal to the value of the currency improperly removed
from your account at the time of the incident" is to be read.
To me, that reads as "if you had 1 BTC stolen on May 20, we will deposit 40k USD into your account, because that was the value of 1 BTC as of May 20", not "if you had 1 BTC stolen, there is now 1 BTC back in your account".
The timeframe listed in the letter covers exactly the time of a massive price spike, so a USD payout would put most people in a better situation than a BTC payout in this specific case, but I'm still curious how this is handled, and whether there is a universally agreed standard for it.
Because next time "we'll reimburse you the USD value of your crypto as of the date of the attack 6 months ago" could mean that someone "made whole" like this has only 10% of what they would have if the attack didn't happen.
- freeAgent 5y agoI also find that to be a weird stance. People can hold USD or stablecoin a on their Coinbase account if they wish. For people who choose to hold assets other than USD, it seems more logical to replace those assets. Coinbase already trades all of them. Or, since this was a Coinbase flaw, allow the user to choose whether they want the original assets restored or the dollar value at the time of theft (since in theory they could have sold). This way Coinbase feels more pain, but customers should be happy because they come out no worse and possibly better off.