🤔 Coinbase safe?
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"If you see FUD out there - remember, our financials are public (we're a public company)..." - Brian Armstrong - Coinbase CEO
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In this edition:
Unraveling...
Post FTX - Genesis Fallout: Is Coinbase Safe?
lier this week, CZ, in a deleted tweet, shone a spotlight on Coinbase that speaks volumes. The content of the tweet questioned Coinbase’s Bitcoin holdings.
What CZ said in the deleted tweet
“So Coinbase Custody holds 635,000 BTC for Grayscale. 4 months ago, Coinbase (I assume exchange) has less than 600K BTC. Just stating “news reports”, not making any claims Glassnode probably has more up to date data”
With this statement, was CZ trying to unsettle the 2nd largest crypto exchange and cause FUD for his major competition? Or was it a sincere effort toward transparency?
How Coinbase reacted to this
Coinbase CEO called it FUD while calling attention to their public financials. He said in a tweet,
“If you see FUD out there - remember, our financials are public (we're a public company)...
We hold ~2M BTC. ~$39.9B worth as of 9/30”
Is Coinbase safe?
Here is what is known:
Takeaway
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This week's trending coins💸
In a recent interview with Bloomberg TV, Binance CEO Changpeng "CZ" Zhao spoke on his plans to rebid for bankrupt crypto lender Voyager assets. This development comes as a response to Voyager's decision to reopen its bidding process following the crash of the FTX exchange.
Users were expected to recover up to 72% of their assets following news of an FTX takeover. However, such hopes were dashed with the collapse of the exchange. Current developments will revive such hopes.
Concerns regarding the deal
Despite the deal's potential benefits, many have expressed concern about its completion. These concerns revolve around the nationality of Changpeng Zhao, the Binance CEO.
Due to his status as a Chinese national, some view this potential acquisition as a threat to the United States national security.
CZ quells concerns
CZ is putting an end to such a concern. In an interview with Bloomberg TV, CZ spoke on security concerns that came with his nationality. He stated: "I think the U.S. national security concerns were rumors spread by FTX to try and push us out of the bid," He also noted that: "There was never any concerns about us participating in the bid."
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The Teaser section
In the spirit of Brian Armstrong revealing that Coinbase holds approximatelyy 2,000,000 BTC,
Question:
How much % of the total Bitcoin supply does the Coinbase exchange hold?
Potential Answers:
BC's Musts
Book: The Crypto Story
Latest from Vitalik...
In a Nov 20 interview with Bloomberg, Ethereum co-founder Vitalik Buterin shared his thoughts on the recent crash of the FTX crypto exchange. Describing the situation as a colossal tragedy, he agrees that the crypto industry still has a long way to go.
Vitalik insists on trusting in open and transparent code instead of humans to run the crypto industry. Before his interview, Vitalik released a guide on operating a “safe CEX platform” with proof of insolvency via Twitter.
In the guide, Vitalik recommended using “cryptographic proofs that show that the funds they hold on-chain are enough to cover their liabilities to their users.” Centralized crypto exchanges that use this option would offer more protection to users on their platforms.
Latest on BlockFi...
In a recent customer email, crypto lending platform BlockFi informed users of its decision to place client loans into forbearance. BlockFi has also removed the possibility of depositing funds onto its platform.
The customer email also noted that BlockFi would set all loan interest rates to 0% starting from Nov 11. The crypto lender also stated that "margin call requirements and auto liquidations at predefined loan-to-value levels” will be paused starting from the email date.
Also, clients do not need to repay matured loans. To reassure its users, BlockFi noted that it would not report such loans to credit bureaus. As such, loan holders are not required to pay late fees on loans.
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