Coinbase Lays Out Hot Wallet Controls as Customers Ask if a Binance-Style Hack Could Hit It
By Unchained
AI summary of the source article
Coinbase announced it was unaffected by the recent theft from Binance, stating that over 99% of customer assets remain in cold storage. The exchange outlined its security controls, including distributed keys, rate limits, and kill switches.
Key facts
- Coinbase stated that it was not impacted by the approximately $6.3 billion theft from Binance's hot wallets and holds over 99% of customer funds in cold storage.
- The exchange relies on three primary safeguards: distributed keys, rate limits on fund movements from cold to hot wallets, and kill switches.
- Coinbase reported holding customer assets 1:1, with $377 billion in assets on its platform, $8.6 billion in cash and cash equivalents, and $2.2 billion in crypto held for investment as of Sept. 30.
Source excerpt · Unchained
Customers asked whether Binance's Oct. 29 breach could happen at Coinbase. The exchange pointed to signing keys that are never reassembled, caps on refilling hot wallets and switches that can pull keys offline. The post Coinbase Lays Out Hot Wallet Controls as Customers Ask if a Binance-Style Hack Could Hit It appeared first on Unchained .