Peter Brandt: Bear market will allow Coinbase to steal customer funds | by uncle Fibonacci | The Capital | Jun, 2022

Seasoned futures trader Peter Brandt has spoken out against San Francisco-based cryptocurrency exchange Coinbase, saying that the trading platform deserves bankruptcy in the ongoing market.

Brandt is only concerned about Coinbase users, who still store their crypto assets on the popular trading platform because in cases of bankruptcy, they can be declared “fortified.” According to him, the bankruptcy of the platform will play into the hands of her team, since the unfortunate development of events will allow them to “steal users’ crypto assets.”

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Brandt made this statement in response to a tweet by crypto enthusiast @TuurDemeester with a list of companies associated with cryptocurrencies that will suffer due to the continued decline in the crypto market. Note that Coinbase was not on that list.

The negative trend in the cryptocurrency market prompted companies from this sector to take tough measures, including mass layoffs. Coinbase was no exception, as it laid off 25% of its employees, while 260 employees were laid off.

But why exactly did this American crypto exchange attract the wrath of a famous trader? Rather, this is due to the company’s statement in the financial report for the first quarter that “in the event of bankruptcy, the crypto assets of customers may be subjected to bankruptcy proceedings. Such clients will be treated as unsecured creditors.”

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