Coinbase In Crisis

Plus, the triumph of the digital wallet.

Number of the Week: $33 billion (explanation below)

Coinbase In Crisis

Way back in 2018, a cryptocurrency called HoweyCoins began advertising for investors. The pitch was that these coins would marry the world of luxury travel with the miracle of blockchain technology. HoweyCoins positioned themselves as something like reward points on steroids; they could be traded frictionlessly on a blockchain, and would also provide early investors with a return of more than 1% every day. “In addition, HoweyCoins can serve as a GUARANTEED hedge against inflation and market loss,” the Web site touted.

If this sounds too good to be true, it’s because it wasn’t true.