Another "Not your keys, not your crypto moment" is beautifully illustrated by Coinbase. The gigantic, centralised, and publicly traded crypto exchange, Coinbase, decided not to participate into the migration from Gala V1 to V2. The way Gala Games executed the migration was to discontinue V1 token and airdrop V2 on a 1-to-1 basis. A snapshot was taken on a given date to decide who got the airdropped tokens.

Coinbase did give prior notice that they wouldn't be passing on the tokens so the right move would have been to move your tokens off Coinbase Exchange, unto a self-custody wallet like Metamask, before the snapshot date to be included in the airdrop. This sounds simple and basic enough, but there's a problem.

There are many reasons why some people did not move their tokens. Believe it or not, some people have a set it and forget it mentality and aren't educated enough to know this isn't a good thing with Crypto Exchanges. Unless they logged into Coinbase, or were switched on to Crypto social media, they would not have known anything was happening. I've seen comments on social media from such people.

There were also some people who had been frozen out of their Coinbase accounts and couldn't get in for whatever reason. Some hadn't satisfactorily completed their KYC requirements. Others had password issues. Some of these people have simply lost their money without having done anything at all.

The part I have problems with, which is why I called it a "scam" in the video, is the fact that these centralised exchanges actually do get airdropped these tokens since their trading wallets are on the blockchain. They only chose not to pass the money on to their customers. This is the kind of thing Gary Gensler and the corrupt SEC should be going after rather than stifling innovation like they're doing now.

There is only one way for these folks to get their money back now, save for winning a class action lawsuit agains't Coinbase - and I talk about that in the video. Most importantly though, not your keys, not your crypto!

Peace & Love,

Adé