Two linked cryptocurrencies collapsed and lots of people lost money.
Coinbase said investors who use its platform might lose their crypto if the company ever went bankrupt.
And the whole crypto complex had a week on the skids.
Now it’s worth less than a penny.
The collapse of terraUSD came up whenTreasury Secretary Janet Yellenappeared before lawmakers on Thursday to speak on cryptocurrency risks.
“They’re growing very rapidly,” Yellen said about stablecoins.
Read CNET’s full story on the luna cryptocurrency crash here.
The reaction prompted CEO Brian Armstrong totweetthat the disclosure was made simply to comply with an SEC requirement.
Coinbase, he says, isn’t at risk of bankruptcy.
Read CNET’s full story on Coinbase’s new risk disclosure here.
The one-day wipeout comes after weeks of sagging cryptocurrency prices.
Bitcoin has lost more than half its value since its high point in November.
Read CNET’s full story on crypto markets plunging more than $200 billion in a day here.
We’ll be back with plenty more next week.
