If I had any cryptocurrencies in Coinbase, I’d be transferring it out ASAP after reading this and the CEO’s response on Twitter trying to downplay the risk. That’s a red flag.

Coinbase has locked a lot of people's ETH2 funds - there is no way to currently withdraw them. This was always a strange concept to me, but there are a good chunk of customer's who are literally just stuck with Coinbase, like it or not, with their funds being held hostage.

I know it's a choice, but it's also been like that for many, many months at this point, when I can imagine most people thought "this would only be this way for a few days/weeks".

How are you going to prove that there is a risk of bankruptcy today if the company doesn't go bankrupt today?

How are you going to prove that the phone calls and meeting with the Saudis didn't include funding commitments from the Saudis?

I'm not suggesting that these CEOs are 100% honest at all times, I'm sure they are not, but you need actual proof for fraud to have bet committed.

Well, it's objectively true that any company can go bankrupt.

And an easy scenario to picture for Coinbase would be if crypto assets all dropped 90% or more in value in a short span of time, and went the way of the beanie baby. Is it a high probability? No, but at least a few percent chance.