Coinbase says over 99% of assets remain in cold storage after $6.3B Binance hack

Coinbase has announced that it stores more than 99% of customer assets in cold storage. This disclosure comes shortly after Binance reported a large-scale security breach that resulted in a loss of $6.3 billion on October 29. Coinbase, established in 2012 and now one of the largest US-based cryptocurrency exchanges, clarified its asset protection strategy via a recent company blog post. The platform explained that it keeps only a small fraction of user funds in online hot wallets, necessary for daily withdrawals, while the overwhelming majority remains in offline cold storage.