Coinbase Declares It Has No Exposure to FTT Token or Alameda

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Last Updated on November 9, 2022 by Bitfinsider

“There cannot be a ‘run on the bank,'” stated Coinbase in a statement, emphasizing that its publicly-filed and independently audited reports indicate that all customer assets are properly supported.

The company reported having only $15 million on deposit at the faltering cryptocurrency exchange FTX to allow business operations and customer trades. Coinbase further stated that it has no exposure to FTX’s FTT coin, which has dropped over 80% today, or to FTX sibling business Alameda Research.

The exchange acknowledged network connection concerns for both online and mobile devices on Tuesday. It is currently unknown whether these problems have been resolved.

Today, Coinbase shares are down 10.6% after bitcoin (BTC) dropped to a new low for 2022 below $17,500. At the time of writing, the price had returned to $18,200 after a minor increase.

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