Coinbase Says 99% of Customer Crypto Is Offline and Out of Hackers’ Reach

What happened: Coinbase told customers it was not affected by the $6.4 billion Binance hack and detailed its security controls, including offline storage for over 99% of assets, split private keys and kill switches. Key numbers: $6.4 billion Binance hack; over 99% of assets held offline. Why it matters: Coinbase is drawing a contrast with Binance on custody and security, using the disclosure to reassure customers about how its assets are protected.

Coinbase told customers it was not affected by the $6.4 billion Binance hack and detailed its security controls, including offline storage for over 99% of assets, split private keys and kill switches.

Coinbase is drawing a contrast with Binance on custody and security, using the disclosure to reassure customers about how its assets are protected.