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Comment by mvdtnz | Hacker News Reader

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mvdtnz·

"Your assets are safe," generally the last thing you hear from these grifters before your assets disappear completely.

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Tinfoil is unnecessary, Bitcoin hit 64k, all the retail investors are seeing the news and logging in.

This doesn't seem like a sensible reason to show a 0 balance, but maybe I haven't worked in enterprise enough.

My guess: the API is down, so the client attempts to get all coins and their balance and add them up. Because the API errors, no coins are returned, therefore the balance is 0. It's a bad design because its alarming, and I'm fairly sure they're going to change it after this.

It could well be errors caused by an overloaded system.

Well, bitforex is offline since february 23th after a 57 millions withdrawal.. So coinbase going down wouldn't be that suprising : https://www.coindesk.com/business/2024/02/26/bitforex-websit...

Hey, this is Coinbase, not Binance.

They said the same about FTX.

FTX didn't have CZ assuring us that funds are safu.

Didn't people trust SBF about as much as CZ?

And CZ reached a plea deal, paying $4.3 billion in criminal penalties, so I still don't see the difference.

Maybe (probably) binance is in a much better state than FTX, but the CEO's word on that is meaningless in both cases.

Ehh Coinbase is the only exchange that doesn't seem to be a complete grift. Also why would an increase in price result in them being insolvent? I doubt they're net short crypto

Don't need to be insolvent to pull the rug.

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