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Coinbase is facing scrutiny over its cbBTC user agreement, which states that if Coinbase loses the underlying Bitcoin backing cbBTC, the company’s legal liability changes. Instead of owing users the full value of their lost Bitcoin, Coinbase would only owe a proportional share of the remaining Bitcoin. This has raised concerns among users about the security and trustworthiness of Coinbase's services. Coinbase's chief legal officer has responded to these fears.
[COINTELEGRAPH] Coinbase chief legal officer responds to $cbBTC service terms fears
Imagine trusting Coinbase $COIN with "your" $cbBTC $BTC Bitcoin. https://t.co/pUydgOLmEy
cbBTC: So if @coinbase loses the underlying #Bitcoin backing $cbBTC they don’t owe you the full value you lost - you get a share of what Bitcoin is remaining. We covered this on The Office space yesterday @HewWoodward @btc_ted . h/t @Pledditor https://t.co/1AVIjST12e https://t.co/QFa2z8t0Bz