Stephen Alpher
Stephen Alpher is CoinDesk's co-regional news chief, Americas. He holds BTC and ETH above CoinDesk’s disclosure threshold of $1,000.
"There can't be a 'run on the bank,' said COINBASE (COIN) in a statement, noting its publicly-filed and audited reports show all customer assets as fully backed.
The company said it has minimal exposure to struggling crypto exchange FTX, with just $15 million on deposit there to facilitate business operations and customer trades. Coinbase further said it has no exposure to FTX's token FTT – which has plunged about 80% today – and no exposure to FTX sister company Alameda Research.
The exchange did have some technical issues Tuesday, acknowledging network connection problems for both web and mobile. It's unclear at this time if those outages have been fixed.
Coinbase shares are down 10.6% today as bitcoin (BTC) plunged earlier to a new 2022 low below $17,500. A modest bounce has brought the price back to $18,200 at press time.
