COIN customers would be advices to read the fine print in the latest 10Q -Bankruptcy clause.
1 min read
COIN included new language in their latest 10-Q warning crypto investors what might happen to their coins should the company file for bankruptcy.
“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.
And such customers could be treated as our general unsecured creditors.”
Meaning in the event of a COIN bankruptcy they would not let you have access to your funds at all. And you would probably be far down the list of creditors who would get their money before you would. How do we feel about this new added text clause?
submitted by /u/slammerbar
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