Allegations Addressed

Coinbase hit headlines on 15th September amid intense scrutiny and allegations of a lack of transparency in its Bitcoin [BTC] reserves. The community claims spiked after the world's largest crypto custody firm launched its wrapped BTC, cbBTC.

Coinbase's Response

In a rejoinder, Coinbase founder Brian Armstrong defended the firm on the two claims. Regarding the BlackRock allegations, he stated that Deloitte audits the firm annually, and it can't share clients' wallet addresses due to privacy concerns.

Transparency Efforts

This is not the first time this allegation has been made. In May, the same claim was made against Coinbase and BlackRock. However, ETF experts discredited the May allegations, noting that the lack of transparency was due to a lack of 'in-kind' redemptions in the ETF design.

Source: https://ambcrypto.com/coinbase-ceo-refutes-claims-of-selling-paper-bitcoin-to-blackrock/

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