Crypto collapse: FTX’s fall is one piece of a long, cold, contagious crypto winter
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Coinbase: “RIP to FTX, but we’re built different.”
So Coinbase has $15 million in deposits on FTX “to facilitate business operations and client trades.” However, the company says it has no exposure to Alameda Research, FTX’s sister firm, and no loans to FTX.
On Twitter, Coinbase CEO Brian Armstrong chalks the FTX debacle, which resulted in a Binance buyout, up to “risky business practices, including conflicts of interest between deeply intertwined entities, and mis-use of customer funds (lending user assets).”
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[www.coinbase.com]
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