After the Binance Hack, Coinbase Reveals How It Protects $377 Billion in Crypto

Coinbase says more than 99% of its customers’ crypto sits in cold storage, offline wallets that hackers cannot reach over the internet. It is the exchange’s answer to a $6.3 billion theft at rival Binance. But Binance says its thieves never touched its private keys. They fooled the systems that approve withdrawals. Based on research, Coinbase holds 84% of US spot Bitcoin ETF assets. How Coinbase Secures User Funds Coinbase had $377 billion in assets on its platform at the end of September. It says that money belongs to customers, not the company. “Coinbase does not lend or use those assets unless customers instruct us to.” It also points to its S&P 500 listing and regular audits. Its US custody arm answers to New York’s banking regulator.

BeCrypto News shows a short excerpt and links to the publisher. The full report belongs to BeInCrypto.