New Delhi: Coinbase warned that in the unlikely event of bankruptcy, it may absorb its users’ cryptocurrency as property.
Some cryptocurrency observers were alarmed by the acknowledgement because it appeared to contradict a core tenet of the decentralised finance movement: giving people complete control and ownership of their money.
Now many users on Twitter and other social media platforms are urging Coinbase users to transfer their cryptocurrency to hardware wallets.
What is a Hard Wallet?
A hardware wallet is a cryptocurrency wallet which stores the user’s private keys (critical piece of information used to authorise outgoing transactions on the blockchain network) in a secure hardware device.