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What happens to your crypto if Coinbase goes bankrupt?
Posted on 5/10/22 at 6:11 pm
Posted on 5/10/22 at 6:11 pm
Not saying it’s likely to happen, but get your shite off of exchanges…
Twitter
quote:
1) $COIN included new language in latest 10-Q warning crypto investors what might happen to their coins should the company file for bankruptcy
2) "Moreover, because custodially held crypto assets may be considered to be the property of a bankruptcy estate, in the event of a bankruptcy, the crypto assets we hold in custody on behalf of our customers could be subject to bankruptcy proceedings...
3) ...and such customers could be treated as our general unsecured creditors..."
6
Posted on 5/10/22 at 6:19 pm to TigerTatorTots
I keep 80% of mine on a hard wallet
Posted on 5/10/22 at 6:28 pm to Hayekian serf
quote:move the other 20% to your own wallet. Y'all crazy for keeping anything on a cex. Recipe for disaster. Not your keys, not your crypto.
keep 80% of mine on a hard wallet
Posted on 5/10/22 at 6:39 pm to TigerTatorTots
Move it to a non-custodial wallet.
Posted on 5/11/22 at 7:06 am to TigerTatorTots
quote:
but get your shite off of exchanges…
How do we do that easily?
Posted on 5/11/22 at 7:08 am to LSUSUPERSTAR
buy a Ledger or a Trezor hardware wallet and transfer it over if you are just gonna sit on it.
This post was edited on 5/11/22 at 8:31 am
Posted on 5/11/22 at 8:29 am to Ross
What about “Trust” mobile cold wallet?
Posted on 5/11/22 at 8:37 am to TigerTatorTots
What wallet do you recommend? I have been told Ledger Nano X but damn that seems burdensome, especially since it is a small amount I am dealing with.
TIA
TIA
Posted on 5/11/22 at 9:51 am to GREENHEAD22
I use a Coldcard but I'm 90% bitcoin and overly cautious. For the average person, a Ledger or Trezor is just fine. It is a little burdensome but better to put in 30 minutes of effort than lose your stack. I'd especially be moving that way right now as we enter Crypto winter where some of these exchanges are going to be struggling mightily
Posted on 5/11/22 at 10:50 am to TigerTatorTots
Would coinbase wallet or metamask suffice? I have everything split out in voyager,celsius, and nexo 
Posted on 5/11/22 at 11:34 am to 21JumpStreet
I use a ledger. Works for me. I have it linked to my MM, but it's just linked. I don't trust MM with my hodl stack, plus some stuff on my ledger that can't go on MM, namely BTC.
Posted on 5/11/22 at 1:50 pm to TigerTatorTots
Anddd Celsius…
I’m sure every platform has this in the Ts and Cs
I’m sure every platform has this in the Ts and Cs
Posted on 5/11/22 at 1:51 pm to 21JumpStreet
No both are centralized wallets. I’d hold in cold storage
Posted on 5/11/22 at 1:56 pm to TigerTatorTots
There’s seems to be some contradicting opinions out there on this. Another source is saying this is only the case if you stake your shares and let them lend it out for interest. Since they’ve filed under Ny Trust laws your shares should be recovered.
BUT they’re also not insured under SIPC sooo it might be in no one’s land.
BUT they’re also not insured under SIPC sooo it might be in no one’s land.
Posted on 5/11/22 at 2:02 pm to Shepherd88
Why even risk the interpretation imo
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