What if Bitcoin Exchange goes bankrupt?
Jan Meriss Alfonso Assistant at Ascent Law LLC 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, ...