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0 pointsjonknee8y ago0 comments

> There is? My understanding is that fraud and theft are not covered by FDIC insurance.

It's covered by the bank themselves. You might have to wait a little bit, but you won't be held liable for fraudulent charges. I'm sure there are horror stories, but the vast majority of cases result in someone other than you eating the loss.

Needing help from the FDIC is sort of a worst case scenario for banking, it's extremely uncommon unless there's a 2009 style banking crisis.

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SippinLean8y ago· 2 in thread

Ah then Coinbase is the same in that regard. Chase has the opposite strength and weakness regarding theft: you must rely on them.

jonkneeOP8y ago

No, it's not the same. If someone spends your BTC there is no recourse and it's gone forever. Coinbase specifically does not insure against this.

SippinLean8y ago

I meant only that the subject of the article, Coinbase's architecture's vulnerability was the same as Chase's, instead of "your money at Chase is safe regardless of the bug."

You are correct, as they mention in the first paragraph of the article you are responsible for securing your own machine and wallet.

Your USD is insured and covered by the FDIC at Coinbase and Chase. Theft is not covered by the FDIC at either.

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