In brief – Coinbase said it wasn’t affected by the Binance hack and keeps more than 99% of customer assets in offline cold storage. – The exchange detailed controls including split private keys, withdrawal rate limits, anomaly detection and kill switches that can take signing…
ys offline. – Coinbase said customer assets are held 1:1, and it flagged AI as a fast-changing security threat. Coinbase is moving to reassure customers that what happened at Binance can’t easily happen there
In a blog post Wednesday, the U.S. exchange said it wasn’t affected by last week’s hack of Binance, in which attackers drained about $6.4 billion from the rival exchange’s hot wallets. Coinbase said it keeps more than 99% of customer assets in cold storage, meaning offline wallets that can’t be reached over the internet. It moves funds into internet-connected hot wallets only as customers need them.
The Binance incident “has understandably left customers asking” how Coinbase guards against a similar attack, the post said. Coinbase laid out several layers of protection. Private keys for its cold wallets are split into pieces and never fully reassembled, even when signing transactions, and no single employee has standing access to the hot-wallet signing service.