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What If Your Bitcoin Exchange Goes Bankrupt?
If your Bitcoin Exchange goes bankrupt, you can keep your coins in a hardware wallet. This way, you will still be in control of your private keys. In case your exchange goes bust, you could lose all of your bitcoin. But if you don’t have your private keys, you might be at risk of losing them all.
Coinbase laid off around 18% of its workforce
While the Bitcoin exchange is now thriving, competitors are gaining ground on Coinbase. Malta-based FTX employs more than 3,000 people and surpassed Coinbase’s workforce last year, and Malta-based Binance employs nearly 4,000 people, up from fewer than 1,000 in 2014. While Coinbase has been a victim of recent market volatility, it is still a rapidly growing company.
Coinbase is one of the leading cryptocurrency exchanges in the U.S., but it recently announced plans to axe around 18 percent of its workforce. The company’s CEO, Brian Armstrong, said the company is entering a crypto winter, when the prices of cryptocurrencies fall sharply. In order to keep its business afloat, Coinbase had to cut costs.
Celsius filed for bankruptcy
A crypto exchange known as Celsius has filed for bankruptcy protection. It halted customer withdrawals and swaps earlier this month, citing debt and liquidity problems. The exchange paid back its loans in July, but customers still owe the company tens of millions of dollars. The company is not registered to operate in Vermont, and the regulator has warned investors about potential scams and forums encouraging investors to short CEL tokens.
The company also listed its principal assets at a New York address, which can affect the venue of a bankruptcy. The company is being represented by attorneys from the law firm Kirkland & Ellis LLP, which also helped Voyager Digital file for bankruptcy.
Voyager filed for bankruptcy
Last week, the Voyager Bitcoin Exchange halted all trading and deposits, and it also said it would sell its assets. Its market cap is $65 million Canadian and $50 million USD, which is less than the $75 million unsecured loan that the exchange received from Alameda Research. Last November, Voyager’s stock hit a high of $20, but then it dropped to below $1 last month. The exchange was backed by billionaire trading investor Sam Bankman-Fried and the investment firm Alameda Research.
The company has over 100,000 creditors, and is listed as having between $1 billion and $10 billion in assets. It has reportedly held about $1.3 billion in crypto assets on its platform, and has more than $110 million in cash on hand. It also has about $350 million in customer cash held at the Metropolitan Commercial Bank. This bankruptcy highlights how interconnected the crypto industry is, and how failures can cascade.
Investing in crypto in non-custodial wallets
If you plan to invest in cryptocurrency, one of the best ways to protect your money is to store it in a non-custodial wallet. This is because you won’t have to worry about the exchange platform losing control over your private keys. It is also easier to use. Non-custodial wallets are available in different forms, from physical hardware wallets to mobile wallets.
While many investors prefer to store their funds in custodial wallets provided by a centralised cryptocurrency exchange (CEX), the downside of this method is that you are at the mercy of the exchange, which has no legal obligations or guarantees.
Investing in crypto on a regulated exchange
It is important to note that in the event of bankruptcy, you may not receive your money back. But, there are ways to protect yourself. One option is to invest in crypto on a regulated exchange. This option will protect you against the loss of your cryptocurrency.
Investing on a regulated exchange will protect your crypto assets from bankruptcy. Because crypto exchanges are not banks, they are not subject to the same regulations as traditional financial institutions. However, they are subject to a variety of risks, such as hacking and proprietary trading in volatile assets.
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Riverton, Utah
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This article needs additional citations for verification. (September 2021)
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Riverton, Utah
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Old Dome Meeting Hall, Riverton, Utah
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Location in Salt Lake County and the state of Utah.
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Location of Utah in the United States
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| Coordinates: 40°31′14″N 111°57′19″WCoordinates: 40°31′14″N 111°57′19″W | |
| Country | United States |
| State | Utah |
| County | Salt Lake |
| Settled | 1865 |
| Incorporated | 1947 |
| Named for | Jordan River |
| Government
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| • Mayor | Trent Staggs |
| • City Council | Sheldon Stewart, Troy McDougal, Tawnee McCay, Tish Buroker, Claude Wells |
| • City Manager | David R. Brickey |
| Area | |
| • Total | 12.58 sq mi (32.59 km2) |
| • Land | 12.58 sq mi (32.59 km2) |
| • Water | 0.00 sq mi (0.00 km2) 0% |
| Elevation
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4,439 ft (1,353 m) |
| Population
(2020)
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| • Total | 45,285 |
| • Density | 3,600/sq mi (1,400/km2) |
| Time zone | UTC−7 (MST) |
| • Summer (DST) | UTC−6 (MDT) |
| ZIP code |
84065, 84096, 84095
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| Area code(s) | 385, 801 |
| FIPS code | 49-64340[2] |
| GNIS feature ID | 1431862[3] |
| Website | http://rivertonutah.gov |
Riverton is a city in Salt Lake County, Utah, United States. It is part of the Salt Lake City, Utah Metropolitan Statistical Area. The population was 45,285 as of the 2020 census.[4] Riverton is located in the rapidly growing southwestern corner of the Salt Lake Valley.[5]
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What if Bitcoin Exchange goes bankrupt?https://t.co/u7ObUBH3ku pic.twitter.com/9Ly4fgp2FQ
— Jan Meriss Alfonso (@MerissJan) October 27, 2022
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