Hi folks — we built a new product at @coinbase that lets you borrow USDC against Bitcoin, fully onchain and dead simple to use. 

We call this the DeFi mullet. CeFi in the front and DeFi in the back. 

This was a year long project with first principles thinking. 

➡️ Doing an AMA through the weekend. Fire away questions or thoughts.

Product @ Coinbase. Techno optimist 🛠️

How would you handle a scenario where the Morpho smart contracts have a vulnerability and get drained out of their cbBTC?
(Clearly Coinbase still holds all the BTC in custody, but what next?)

Wannabe contributor for /walletbeat.

Censorship resistance requires privacy.

Hacks are unique and there is no coverage for this scenario. User holds the liability as they are using Morpho directly and we are just a technology provider.

Given that Coinbase operates cbBTC as well, we have the ability to react real time on hacks to pause redemptions, transfers or blocklist the hacker to prevent any damages. 

Morpho has gone through 27 audits across 12 different firms so our analysis gives confidence in a low hack probability. Risk still exists nonetheless. 

More information is disclosed in our ToS.