Rumors that Coinbase allowed BlackRock to borrow bitcoin without collateral to manipulate the market were shut down by industry experts and Coinbase CEO Brian Armstrong. The allegations came after Tron founder Justin Sun criticized Coinbase's wrapped bitcoin product for lacking audits and the potential for freezing balances. Coinbase responded by explaining the minting and burning process of ETFs and offering trade financing options for institutional clients. Experts called for increased transparency from issuers like BlackRock, and criticized the bitcoin community for blaming ETFs for recent market pressure.



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