Coinbase's Crypto-Backed Loans Notch Record Liquidations Amid Bitcoin, Ethereum Plunge

Coinbase customers are experiencing pain in new ways as Bitcoin and Ethereum tumble, with losses piling up for thousands of users through the exchange’s crypto-backed lending product. Over the past week, Coinbase users have lost 170millionworthofcollateralthroughliquidationsonDeFiplatformMorpho,accordingtoaDunedashboard.AsBitcoinandEthereumnotcheddoubledigitdeclines,some2,000userslost170 million worth of collateral through liquidations on DeFi platform Morpho, according to a Dune dashboard. As Bitcoin and Ethereum notched double-digit declines, some 2,000 users lost 90.7 million on Thursday alone. When Coinbase began providing access to Bitcoin-backed loans l ...

Coinbase's Crypto-Backed Loans Notch Record Liquidations Amid Bitcoin, Ethereum Plunge - Reportify