Coinbase Filed a 10Q Form Stating That Customers Could Be Treated as Unsecured Creditors

Published: 3/21/2024
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For Q1 of 2022, Coinbase filed a 10Q form, which included new language which stated that:

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.

An image of the passage is below from the PDF of the 10Q form.

The CEO of Coinbase Brian Armstrong wrote a longform chained series of posts on X which said there is no risk of Coinbase going bankrupt and that customers’ assets are safe as they’ve always been.

The PDFs of the SEC 121 rule as well as the filed 10Q form are available in the Links To Evidence section.

Links to Evidence:

• Filed Form 10Q
• SEC 121 Rule
• Coinbase CEO Post on X
• Archived Form 10Q
• Archived SEC 121 Rule Information
• Archived CEO Post on X
• Images Archived Above

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Published: 3/21/2024
jrpm.me/nL0QTm