The Coinbase allegations expose Bitcoin's corporate governance gap
Source: CoinDesk ·
From the source
Corporate adoption of bitcoin will stall as long as companies can't show who controls the money, who approves its movement, or whether it's still there, argues Onramp CEO Michael Tanguma. BlockTower Capital founder Ari Paul publicly accused Coinbase of losing roughly $25 million of his firm's assets and concealing hacks totaling more than $1 billion across a dozen institutions. Coinbase flatly denies it, Paul says active litigation prevents him from publishing his evidence, and the industry has spent the weeks since arguing about who is telling the truth. The argument misses the most uncomfortable fact in the story: nobody outside the two parties involved can check. That is a strange place to land for an industry built on an asset designed so that no one would have to take anyone's word for anything. A custodian holding assets for much of the market stands accused of billion-dollar concealment, and the only tools available for evaluating the claim are the accuser's credibility and…