Coinbase CEO says funds are safe amid bankruptcy protection fears
Brian Armstrong, co-founder and CEO of Coinbase, responded to fears surrounding a disclosure that the company made in its recent report. Following the Coinbase report where the company declared its losses, a disclosure that suggests that users are not protected in the case of bankruptcy has been gaining traction on social media. However, Coinbase CEO Brian Armstrong explained that funds are safe “as they’ve always been.” In the company's first-quarter report for 2022, Coinbase reported its first loss amounting to $430 million. Apart from this, the firm also reported the number of users....
Related News
The chief executive of Coinbase, Brian Armstrong, has eased out concerns regarding bankruptcy in one of his tweets. He further allayed the fears of Coinbase users by stating that the company’s latest quarterly filing was performed keeping in mind the requirements of the US Securities and Exchange Commission (SEC). Further adding to that he mentions that […]
Paul Grewal, the chief legal officer of Coinbase, highlighted that the funds of customers are protected legally and physically. As fears surrounding the Coinbase exchange run wild, Paul Grewal, the chief legal officer of Coinbase, assured customers that their funds are safe within the exchange. In an SEC disclosure made by Coinbase back in May, certain parts of the document mentioned that in the case of bankruptcy, crypto-assets held in custody on behalf of its customers may be "subject to bankruptcy proceedings" and that customers may become "unsecured creditors" in the process. The....
Karpeles bowing in apology. Mt. Gox CEO Mark Karpeles just came on Japanese TV channel Asahi News Network today and publicly apologised for the Gox disaster. According to various translations, Karpeles is "really sorry for causing trouble to all the people concerned... The 750,000 Bitcoins we kept for users, (37,000 million yen), are almost all gone." That's more than $400 million of Bitcoins lost due to what Karpeles describes as "weakness in the system." [youtube http://www.youtube.com/watch?v=NeuCuM9CkBc]. Furthermore, Mt. Gox is officially filing for bankruptcy protection, with an....
Following a filing for bankruptcy protection in Japan in late February (read more about that here), the troubled Tokyo-based exchange has reportedly filed for Chapter 15 bankruptcy protection at the U. S. Bankruptcy Court in Dallas, Texas, according to a number of reports (In re MtGox Co. Ltd., 14-bk-31229, U. S. Bankruptcy Court, Northern District of [Dallas] Texas). The move may, for the time being, put US-based legal action against the exchange on-hold - which will prevent Gox from spending presumably a large sum in legal fees defending themselves from a lawsuit filing in a Chicago....
Former Mt. Gox partner CoinLab is reportedly backing disgraced bitcoin exchange Mt. Gox's attempts to get bankruptcy protection here in the United States, the Wall Street Journal reports. Court documents from last Friday indicate that they won't object to Gox's request for bankruptcy protection, and interesting development given the company hinted earlier at being against the scenario. Judge Stacey Jernigan of the bankruptcy court in Dallas, Texas has not yet given the former exchange's bankruptcy case the go-ahead, something Mt. Gox trustee Nobuaki Kobayashi says would give him more....