Coinbase Says 99% of Customer Crypto Is Offline and Out of Hackers’ Reach
Summary
Coinbase said it was unaffected by the $6.4 billion Binance hot-wallet hack and outlined safeguards including keeping over 99% of customer assets in cold storage, split private keys, withdrawal limits, staff reviews and emergency shutdowns. It says sensitive actions require multiple approvals, customer assets are held 1:1 and not lent without direction, and it had $8.6 billion in cash and equivalents and $377 billion in platform assets as of Sept. 30. The disclosure comes amid other security concerns, including a past bribery scheme involving support staff and a recent vendor data exposure. Coinbase pledged further investment as attacks across the industry continue.
