Coinbase Bitcoin Hack Coming?

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In this video, I discuss the many different ways that the giant honeypot of BTC at Coinbase could become lost, stolen, or compromised-- and the resulting effects on the Bitcoin ecosystem, including MicroStrategy and the US spot Bitcoin ETFs.

The best mitigations are:

1) Withdraw your BTC from Coinbase to a hardware wallet like the Coldcard

2) Encourage US regulators to allow more banks to custody BTC

Not investment advice! Consult a financial advisor.

Coinbase Paper Bitcoin?

Map of Coinbase BTC holdings:

Executive Order 6102:

List of companies holding BTC:

MicroStrategy 2023 10-K:

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I am not being paid or otherwise compensated by any company or cryptocurrency project that I mention in my videos. My opinion is not for sale. Please do not contact me with any affiliate or advertising deals.

#Bitcoin
#Coinbase
#hack

Disclaimer

[Bitcoin_University]

Please help to support this channel's work:

[ridwaangaas]

Matt, your tireless effort to educate the public is appreciated!

[endthefed]

This is Mattheeeew Cratter... I like how you drag out your 2nd syllable of your first name. 😅😱🤣

[colinpatricklindsay]

My afternoon is instantly better now, thanks Matthew!

[VBTC-wddn]

The Coinbase "hack" / "rug pull" will be historic.

[AndyBuscemi]

just the inspiration I needed to get my "trading" btc off coinbase and onto my hardware wallet where it feels oh so much better...

[bitcoinanabasis]

An epic white swan for anyone taking self custody 💪👍⚡

[robjthomas]

my favorite "youtuber." i look forward to your videos everyday.

[Chuck-beed]

Fidelity is the Bitcoin custodian for the Fidelity ETF. Still counterparty risk there, but if I have a binary choice between Coinbase and Fidelity ... my preference is Fidelity.

[northshoreplaid]

Awaiting your videos is a daily anticipatory event!!! =)

[ronaldmckean]

Thank you, Matthew. I’ve had good luck with the jade wallet. Appreciate your educational insight

[joebloggs]

Matt, LOVE your knack for anticipating and covering important and topical issues in the crypto space! May you be rich with BTC in the future!

[Steph]

Good video. This is absolutely a risk, and holders need to compare it to the risks of other custody methods (including self custody).
A lot of crypto influencers pretend that self custody is the most safe way of storage. Wrong, it depends on how good you are with not losing things and having solid security practices.

[ZoneSix-kybr]

I gotta stop getting high when watching this channel you make me paranoid as hell but great information to have 😅!!!

[greg-s]

Thanks, Matthew. Speaking of self custody, would you be willing to do an episode on backing up the seed words? I've seen plenty of detailed material on bullet proofed, air gapped, multisig, multivendor cold wallet solutions. Followed by "make sure you back up your seed words by writing them down and putting them somewhere safe." This backup seems by far the weakest link in the chain. How can the backup be bullet proofed as well?

[RealJonSarge]

Can you do a video about Roobinhood holding btc?

[Azzbo]

Totally agree to get BTC off exchanges, it would be good to explain that if like us normal folk buy small amounts via DCA then withdrawing each buy creates lots of UTXO's that will need to be consolidated at some point and at times of high fees this can be expensive.

[STP]

Thank you, Matthew! You certainly open eyes!

[MLTUP]

The best way would be to hold BTC in multiple self custody wallets. Then lock them with some sort of time sequence. ie. Can not unlock / withdraw for 2, 4, 8yrs. etc. That way even a bad actor w keys can not withdraw the BTC.

[NOMORERATRACE]

How much bitcoin did Binance holding? i don't binance on the list.