3 ms·

Not FTX - but I know Coinbase has stated in their earnings report that they will use user deposits to pay debtors back first in the case of bankruptcy. Edit -

Not FTX - but I know Coinbase has stated in their earnings report that they will use user deposits to pay debtors back first in the case of bankruptcy. Edit - better explanations below this Also a friendly reminder to everyone not to trust any exchange at all with crypto unless you're actively trading it, keep it in a wallet!

bonestamp2 4y ago
I forgot about that. I don't have much at coinbase, but going to move that over to my ledger where it should be anyway.
- maerF0x0 4y ago
  > my ledger where it should be anyway. +1 to this. Remember the classic phrase that goes something like "Not your keys, not your crypto"
Gwypaas 4y ago
They want to do that, pending what the bankruptcy court would decide which they have no power to influence. Like the Kraken ToS. > Ownership. Title to Digital Assets shall at all times remain with you and shall not transfer to Payward, except as provided herein. All interests in Digital Assets we hold for Kraken Accounts are held for customers, are not property of Payward. As the owner of Digital Assets in your Kraken Account, you bear all risk of loss of such Digital Assets. None of the Digital Assets in your Kraken Account are the property of Payward. Payward does not represent or treat assets in your Kraken Account as belonging to Payward. However, a court may disagree with Payward’s treatment of your assets and subject them to claims of Payward’s creditors. https://www.kraken.com/legal https://www.kraken.com/legal Which means that the current fad of "proof of reserves" means absolutely nothing without the liabilities side, both customer accounts and for the company itself.
- thewataccount 4y ago
  Thanks for the correction!
shawabawa3 4y ago
No, Coinbase has stated that a _bankruptcy court may decide to do that_ and Coinbase has no control over that

3 ms·

Not FTX - but I know Coinbase has stated in their earnings report that they will use user deposits to pay debtors back first in the case of bankruptcy. Edit -

by thewataccount 4y ago

bonestamp2 4y ago
I forgot about that. I don't have much at coinbase, but going to move that over to my ledger where it should be anyway.
- maerF0x0 4y ago
  > my ledger where it should be anyway. +1 to this. Remember the classic phrase that goes something like "Not your keys, not your crypto"
Gwypaas 4y ago
They want to do that, pending what the bankruptcy court would decide which they have no power to influence. Like the Kraken ToS. > Ownership. Title to Digital Assets shall at all times remain with you and shall not transfer to Payward, except as provided herein. All interests in Digital Assets we hold for Kraken Accounts are held for customers, are not property of Payward. As the owner of Digital Assets in your Kraken Account, you bear all risk of loss of such Digital Assets. None of the Digital Assets in your Kraken Account are the property of Payward. Payward does not represent or treat assets in your Kraken Account as belonging to Payward. However, a court may disagree with Payward’s treatment of your assets and subject them to claims of Payward’s creditors. https://www.kraken.com/legal https://www.kraken.com/legal Which means that the current fad of "proof of reserves" means absolutely nothing without the liabilities side, both customer accounts and for the company itself.
- thewataccount 4y ago
  Thanks for the correction!
shawabawa3 4y ago
No, Coinbase has stated that a _bankruptcy court may decide to do that_ and Coinbase has no control over that