In a reckless move that puts US customers and shareholders at risk, Coinbase has announced that they will be moving their headquarters to Pyongyang, North Korea. The announcement sent the stock price crashing in a similar style to the Tera Luna crash. Many are calling that the stock will be delisted from major stock exchanges, causing even more danger for investors.
Brian Armstrong commented on the move saying, "The stock was going to zero anyways. The US government is getting ready to rug pull us entirely, and we needed to get out ASAP. One thing that is attractive about North Korea is that it is a country that is familiar with navigating hostilities with US regulators and sanctions. I have found Kim Jung Un to be a kindred spirit."
It is a strange move seeing as it is unlikely that Coinbase will be able to serve North Korean customers as very view citizens actually have internet access. Many Bitcoiner's have cited this as a clear example of the extent of hostility the Biden Administration has had towards the Crypto industry.
Cory Klippsten, the CEO of Swan Bitcoin, celebrated the event by saying, "Coinbase has always been a shitcoin casino selling unregistered securities. This move clearly shows their true colors. Brian Armstrong doesn't care about freedom, and he doesn't care about his investors or customer base. He is a massive pump and dumper."
Many twitter users have been left to scratch their heads. One user with an NFT profile picture asked, "If North Korea is safer for crypto companies to operate in than the United States, does that mean the United States is not the freest country in the world?"
It is likely that Coinbase customers will be cut off from being able to use the platform due to strict sanctions against entities involved with North Korea. There is also speculation that arrest warrants announced by the DOJ against executives at Coinbase early next week for doing business in the hostile nation.