Coinbase just locked ALL users out of buying, selling, and transferring crypto.
Although Brian Armstrong had no issues selling $550M worth of his shares. Here's what happened: > Technical glitch from 10:07 to 11:26 PST > Users couldn't touch their own money > Q4 results: $667M net loss > Shares dropped 8% after hours (thank Brian) Let me repeat: while YOU couldn't access YOUR money, the CEO was cashing out HIS. Look... i have been saying this for years. Crypto CEXes are just TradFi banks dressed in a different suit. You remember what happened with FTX, right?? From $32 billion to $0 overnight. And it's not just crypto. Every major bank fails the same way: > Fractional reserves > Mismanaged client funds > Everyone wants to withdraw at once > Game over Silicon Valley Bank. Lehman Brothers. FTX. Same playbook. Not your keys, not your money.
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Coinbase just locked ALL users out of buying, selling, and transferring crypto.
Although Brian Armstrong had no issues selling $550M worth of his shares.
Here's what happened:
> Technical glitch from 10:07 to 11:26 PST
> Users couldn't touch their own money
> Q4 results: $667M net loss
> Shares dropped 8% after hours (thank Brian)
Let me repeat: while YOU couldn't access YOUR money, the CEO was cashing out HIS.
Look... i have been saying this for years.
Crypto CEXes are just TradFi banks dressed in a different suit.
You remember what happened with FTX, right?? From $32 billion to $0 overnight.
And it's not just crypto.
Every major bank fails the same way:
> Fractional reserves
> Mismanaged client funds
> Everyone wants to withdraw at once
> Game over
Silicon Valley Bank. Lehman Brothers. FTX. Same playbook.
Not your keys, not your money.