What Happens to Cryptocurrencies If Coinbase Goes Bankrupt?
Bitcoin
Coinbase is a major cryptocurrency exchange, and it holds as much as $256 billion in customer funds and assets. The company is not bankrupt, but it lacks the protections of a bank, which means that if the exchange goes down, customers would be out of luck. If the company goes under, it is likely that the exchange’s assets would be used to pay off debts, and customers would have to claim their money back.
Ethereum
The decentralized global computing platform Ethereum supports peer-to-peer applications and smart contract transactions. “Ether” is the native crypto asset of the Ethereum network. A fork occurs when the main chain is split into two separate blockchains, creating a new crypto asset. A crypto asset is held in a “hodl,” or “hodl wallet,” by a member of the crypto community. Another type of wallet is called a “hot wallet.” This is a wallet that is constantly connected to the internet and can broadcast transactions.
Litecoin
If Coinbase goes bankrupt, Litecoin users would be treated as general unsecured creditors, meaning they would be barred from accessing their funds on the platform. In a bankruptcy, companies liquidate their assets and distribute them among creditors. The first to receive assets are secured creditors, followed by unsecured creditors. General unsecured creditors are behind secured creditors, but ahead of common stockholders.
Stellar Lumens
Stellar Lumens is the native cryptocurrency of Stellar, a blockchain-based payment network. The founders of Stellar see the network as a way to make payments faster and cheaper around the world. These companies are competing with Western Union and MoneyGram, both of which charge high fees and take days to process transactions. In addition, the Stellar network performs transactions with speed and security.
If you have any questions, you can get a free consultation with the Best Attorneys in Utah.
Ascent Law LLC:
8833 South Redwood RoadSuite C
West Jordan, UT 84088
(801) 676-5506
https://g.page/ascentlaw?share
https://www.ascentlawfirm.com/bankruptcy-lawyer/
WE HAVE THE BEST LAWYERS IN UTAH
When you need a Bankruptcy Lawyer, contact this law firm:
8833 S. Redwood Road, Suite C
West Jordan, Utah
84088 United States
Telephone: (801) 676-5506
Recent Posts
Ascent Law LLC St. George Utah Office
Ascent Law LLC Ogden Utah Office
Directions from Orem Utah to Ascent Law LLC West Jordan Utah
Directions from Holladay Utah to Ascent Law LLC West Jordan Utah
Directions from Vivent Arena Salt Lake City Utah to Ascent Law LLC West Jordan Utah
Coalville, Utah
Jump to navigationJump to search
|
Coalville, Utah
|
|
|---|---|
Coalville Main Street, 2008
|
|
Location in Summit County and the state of Utah
|
|
| Coordinates: 40°55′2″N 111°23′54″WCoordinates: 40°55′2″N 111°23′54″W | |
| Country | United States |
| State | Utah |
| County | Summit |
| Founded | 1859 |
| Named for | Coal |
| Area | |
| • Total | 6.67 sq mi (17.27 km2) |
| • Land | 6.22 sq mi (16.12 km2) |
| • Water | 0.45 sq mi (1.15 km2) |
| Elevation
|
5,577 ft (1,700 m) |
| Population
(2010)
|
|
| • Total | 1,363 |
| • Estimate
(2019)[2]
|
1,596 |
| • Density | 256.39/sq mi (99.00/km2) |
| Time zone | UTC-7 (Mountain (MST)) |
| • Summer (DST) | UTC-6 (MDT) |
| ZIP code |
84017
|
| Area code | 435 |
| FIPS code | 49-14840[3] |
| GNIS feature ID | 1426770[4] |
| Website | www |
Coalville is a city in and the county seat of Summit County, Utah, United States.[5] It is part of the Salt Lake City, Utah Metropolitan Statistical Area. The population was 1,363 as of the 2010 census. Interstate 80 passes through the town, as well as the Weber River, which flows into Echo Reservoir, just north of Coalville.
No data matched by id...
No data matched by id...
No data matched by id...
No data matched by id...
No data matched by id...
No data matched by id...
No data matched by id...
No data matched by id...
What would happen to cryptocurrencies if Coinbase goes bankrupt?https://t.co/0hqgS7RE4s pic.twitter.com/ctLJJNWt57
— Jan Meriss Alfonso (@MerissJan) November 17, 2022
Comments are closed.