Crypto investors face total wipeout if major exchange declares bankruptcy

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By Brad Reed Investors in cryptocurrency are facing the prospect of losing everything if a major crypto exchange goes under. Fortune reports that crypto exchange Coinbase posted a horrific earnings report in the first quarter of 2022 that included a quarterly loss of $430 million and a 19 percent plunge in monthly users. Making matters worse, Coinbase warned its clients this week that they could lose all of their cryptocurrency assets if the exchange is forced to file for bankruptcy. Specifically, the exchange told users that they would become “general unsecured creditors” in the event of a ba…

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