Coinbase says customers unaffected by $6.34B Binance hack

Coinbase has said Binance’s $6.34 billion hot-wallet hack has had no impact on its systems or customer funds, with more than 99% of customer assets reportedly held in cold storage. Summary Coinbase said its systems and customer funds were unaffected by the Binance hot-wallet incident. More than 99% of customer assets are in cold storage, according to TechFlow’s report. The exchange says customer assets remain fully backed and cannot be used without permission. South Korean authorities have asked local exchanges to strengthen cold storage and withdrawal controls. According to TechFlow’s Nov. 4 account of a Coinbase blog statement, the U.S. exchange keeps more than 99% of customer assets in cold wallets and adjusts its hot-wallet balances to meet deposit and withdrawal needs. The statement described safeguards including distributed signing keys, withdrawal limits, unusual-activity detection, and controls that can stop transaction signing. Coinbase’s reassurance follows the Oct. 29 theft from Binance, where attackers accessed an internal wallet-signing service and moved assets outside the exchange’s normal withdrawal process. Coinbase describes how it holds customer assets In its publ...