Magic Eden is a menace. I suspect eventually Coinbase will reject these folks are they just draining the Coinbase hot wallet trying to maintain customer purchase deposits.

I read that they are simply crediting their CB account from deposits, yet these deposits are typically uneconomical to recover for CB right now. Its bleeding out sats slowly.

We saw this before. Everything is cyclic.

Remember, in a high fee environment, it is possible for an exchange to be technical insolvent, as they cannot recover user funds economically.