I think the articles are blowing the statement out of proportion.  Yes, it is in the Coinbase SEC filings etc, but it is somewhat obvious that if you don't control the private keys, the bitcoin are not your's.  You are just a creditor.  That has been known all along and is nothing new.  It is just like if you have assets at a US Bank - although purportedly not at a Swiss bank.

To me it sounds like FUD spread by people who want people to be scared and panic.

Informing investors of the risks is a lot of CYA, the reporting on it is FUD.