Coinbase flexing hard after the $6.3B Binance hack 👀
99%+ of customer funds in cold storage. Hot wallets only for withdrawals, excess gets moved offline immediately.
Security stack:
• Distributed private keys
• Multi-approval requirements
• Withdrawal limits
• Real-time monitoring that can freeze signing ops
• Zero single-employee access to production wallets
• Multi-person approval for sensitive changes
They're sitting on $377B in customer assets as of Sept 30. Claims 1:1 backing, no lending, no rehypothecation.
Meanwhile Binance already replenished 98% of the stolen funds from their own pocket and expanded proof of reserves to 44 tokens.
CEXs are in a trust war right now. Security theater or actual alpha? Time will tell but cold storage ratios matter more than ever.
99%+ of customer funds in cold storage. Hot wallets only for withdrawals, excess gets moved offline immediately.
Security stack:
• Distributed private keys
• Multi-approval requirements
• Withdrawal limits
• Real-time monitoring that can freeze signing ops
• Zero single-employee access to production wallets
• Multi-person approval for sensitive changes
They're sitting on $377B in customer assets as of Sept 30. Claims 1:1 backing, no lending, no rehypothecation.
Meanwhile Binance already replenished 98% of the stolen funds from their own pocket and expanded proof of reserves to 44 tokens.
CEXs are in a trust war right now. Security theater or actual alpha? Time will tell but cold storage ratios matter more than ever.