Bankruptcy Lawyer Coalville Utah

bankruptcy attorney Coalville Utah

What Happens to Cryptocurrencies If Coinbase Goes Bankrupt?


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.


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.


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


When you need a Bankruptcy Lawyer, contact this law firm:

Michael R. Anderson, JD

Ascent Law LLC
8833 S. Redwood Road, Suite C
West Jordan, Utah
84088 United States

Telephone: (801) 676-5506
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Coalville, Utah

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Coalville, Utah
Coalville Main Street, 2008

Coalville Main Street, 2008
Location in Summit County and the state of Utah

Location in Summit County and the state of Utah
Coordinates: 40°55′2″N 111°23′54″WCoordinates40°55′2″N 111°23′54″W
Country United States
State Utah
County Summit
Founded 1859
Named for Coal

 • Total 6.67 sq mi (17.27 km2)
 • Land 6.22 sq mi (16.12 km2)
 • Water 0.45 sq mi (1.15 km2)

5,577 ft (1,700 m)

 • Total 1,363
 • Estimate 

 • Density 256.39/sq mi (99.00/km2)
Time zone UTC-7 (Mountain (MST))
 • Summer (DST) UTC-6 (MDT)
ZIP code
Area code 435
FIPS code 49-14840[3]
GNIS feature ID 1426770[4]

Coalville is a city in and the county seat of Summit CountyUtah, United States.[5] It is part of the Salt Lake City, Utah Metropolitan Statistical Area. The population was 1,363 as of the 2010 censusInterstate 80 passes through the town, as well as the Weber River, which flows into Echo Reservoir, just north of Coalville.

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