Coinbase's Bitcoin Holdings Pose Risks Without Stricter Custody Rules
• Concentration of bitcoin assets in Coinbase as custodian poses risks if it is hacked
• Qualified custodian rules don't necessarily ensure digital assets are properly secured
• Crypto custodians lack oversight compared to traditional financial institutions
• Hacking groups like North Korea's Lazarus Group are targeting crypto assets
• Regulators need to refine cybersecurity standards for qualified crypto custodians before bitcoin ETF assets balloon