> > When Coinbase files for bankruptcy, crypto deposits will be at the back of the line. They are unsecured creditors.
> I'm aware. This has nothing to do with your point about "stealing" deposits like other exchanges (e.g. FTX), and is irrelevant to stock-based compensation.
If Coinbase takes money from the people furthest back in line (unsecured creditors) and gives it to people second furthest back in line (equityholders), and the unsecured creditors think they're first in line (bank depositors)… that sounds like stealing to me!
If Coinbase takes money from the people furthest back in line (unsecured creditors) and gives it to people second furthest back in line (equityholders), and the unsecured creditors think they're first in line (bank depositors)… that sounds like stealing to me!