The founder of timechainindex.com, known as Sani, has revealed that Coinbase holds 11.72% of the total 19.77 million bitcoin in circulation, raising concerns about the concentration of bitcoin in one entity. Sani highlights the risks of such a large share of bitcoin, including the potential for cyberattacks. While Coinbase has a solid reputation for security, the increasing sophistication of cyber threats poses a risk. A breach of Coinbase's security could send shockwaves through the crypto market. In addition to cyber threats, regulatory and operational challenges are also significant risks. Sani emphasizes the importance of self-custody to protect against vulnerabilities in centralized storage solutions.
- Content Editor ( news.bitcoin.com )
- 2024-10-22
Bitcoin Self-Custody Calls Intensify as Centralization Grows: 'No One Is Ready for the Biggest Hack in History'