That won't happen to Coinbase ... This was likely an intelligence op / part of the deal CZ struck with the U.S. government during his guilty plea.
Designed to weaken the ecosystem, instill fear in anyone trying to self-custody their coins and instead surrender custody to Blackrock.
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It can be, yes.
Won't happen to Coinbase? I wouldn't be sure, there isn't a "too big to fail" exchange.