Coinbase says it was not affected by the Binance hack and keeps more than 99% of customer assets in offline cold storage. It describes layered controls, including split private keys, no single employee with standing access to the hot-wallet signing service, withdrawal rate limits, holds on unusual withdrawal spikes, and kill switches. The attackers drained about $6.4 billion from Binance's hot wallets, which the FBI attributed to North Korea's TraderTraitor group, and Elliptic found the laundering spanned about 12,000 wallets in under four days. Coinbase also says customer assets are held 1:1 and not lent out unless customers direct it, and it reported a security incident at analytics vendor Amplitude that exposed contact data for a small subset of customers without affecting funds.
Summary written by Upside AI from the original article. Read the source for full details.
Original headline: Coinbase Says 99% of Customer Crypto Is Offline and Out of Hackers’ Reach
Read the original on Decrypt ↗
Keywords
cryptocybersecurityBinanceCoinbase
Open a keyword to see other news on the same topic.
Related news
- Coinbase hit with 50% price target cut as post-earnings rout deepens
Morgan Stanley turned bearish on Coinbase (COIN) and cut its price target from $258 to $120, about 53%, in a Monday report by analyst Michael Cyprys. The bank cited recent trading trends, a softer revenue outlook and uncertainty in the crypto market after Binance's $6.3 billion hack. It still sees Coinbase as one of the strongest competitors in crypto but expects profits to recover more slowly than previously forecast. Third-quarter net revenue fell about 34% year over year to $1.16 billion, and net income of $719 million was largely driven by gains on crypto investments, while adjusted net income was $78 million. Coinbase shares fell more than 13% in midday trading Friday and extended losses Monday, dropping more than 3.3% to $138; Circle and Strategy also declined.
- Coinbase leads crypto stock selloff following $6.3B Binance hack
Shares of crypto-linked companies fell sharply on Friday, with Coinbase down more than 13% a day after reporting a drop in third-quarter revenue. Circle fell more than 9%, Strategy about 8%, IREN more than 10% and Figure Technology Solutions about 9%, according to Yahoo Finance data at the time of writing. Coinbase posted $719 million in net income, boosted by about $715 million in gains on crypto investments, though net revenue fell about 34% year over year to $1.16 billion. Strategy reported $19.53 billion in net income, driven by a $20.91 billion gain on its Bitcoin holdings, while revenue fell 3% to $125.4 million, and CFO Andrew Kang will step down on Nov. 5.
- Agents can trade 24/7 — but Yat Siu warns you could lose access at any time
Animoca Brands chairman Yat Siu says AI agents can monitor markets and trade crypto for users around the clock, but warns users could lose access if the company running the service suspends their account. He notes that a single agent can become confused when handling many different tasks, so specialized agents work better, and that many people asking AI about the same trade may receive similar answers. The Bank of England's Financial Policy Committee warned in April 2025 that similar models could amplify market shocks. Coinbase (Agentic Wallets, in February) and Binance (AI Agent Skills, in March) already let agents spend, trade and place orders, while Siu advises users to think carefully about the personal information they share with AI and to ensure they can at least download their data to move it elsewhere.
- Crypto exchanges Binance, Coinbase join West Africa scam sweep that flagged $11 million
Authorities in Ghana and Nigeria arrested 28 people in a crackdown on West African scam networks, including cryptocurrency investment fraud, according to the U.S. Department of Justice. Private-sector partners flagged $11 million in funds that could be frozen, a figure not yet confirmed as recovered, while some crypto seizures were reported without values. Coinbase and Binance joined blockchain analytics firms Chainalysis, Elliptic and TRM Labs, and Coinbase said it prevented more than $415,000 in potential losses. Meta removed more than 3.7 million Facebook and Instagram accounts, pages and groups, and participants provided leads on more than 30 suspected scam centers. The operation, hosted by the UK's National Crime Agency, was the first joint effort focused on West Africa, and 117 trafficking victims in Ghana were awaiting repatriation to Nigeria.
- Coinbase Tumbles 11% as Record Binance Hack Hits Crypto and Trading Revenue Slides; Strategy Sinks 12%, Robinhood Plunges 10%, Circle Drops 9%
Coinbase (COIN) fell 11% to $142.50 after weak Q3 2026 results and a record $6.3 billion theft at Binance, which investigators say North Korean hackers are likely behind. Net revenue fell 34% year over year to $1.16 billion, below the $1.21 billion analysts expected, and net income of $719 million was mostly driven by a $715 million crypto investment gain; adjusted net income was just $78 million. Transaction revenue dropped 44% to $590 million as crypto volatility sat at multi-year lows, while prediction markets passed $200 million in annualized revenue. Barclays cut its price target to $120 from $149 and Wells Fargo to $174 from $200. Strategy, Robinhood and Circle fell 12%, 10% and 9% respectively.
- Coinbase Customer Data Hit in Analytics Vendor Breach, Funds ‘Not Impacted’
Coinbase said a security incident at Amplitude, a third-party analytics provider, affected contact data of a “small subset” of its customers, but it found no evidence of unauthorized access to its own systems and customer funds were not affected. It is notifying affected customers and regulators in line with its legal obligations, but has not disclosed how many customers were affected, what data was exposed, or when the incident occurred. The incident came 17 months after Coinbase disclosed a 2025 breach in which cybercriminals bribed overseas customer support agents to steal personal data of less than 1% of its monthly transacting users. In September, hardware wallet maker Trezor also reported that a breach at shipping provider ShipMonk exposed data of 67,000 U.S. customers.
Related markets
Latest news
- Snap shares fall over 10% on third-quarter revenue miss
Snap shares fell more than 10% after parent company Snapchat's third-quarter revenue and daily active users missed analyst expectations. Revenue was $1.72 billion versus $1.73 billion expected per LSEG, and global daily active users were 495 million versus 499 million expected per StreetAccount. Average revenue per user (ARPU) was $3.48, in line with expectations, while revenue rose 14% year over year and net income was $56 million, compared with a $104 million net loss a year earlier. Snap guided fourth-quarter revenue to $1.95 billion to $1.99 billion, with a midpoint above Wall Street's $1.95 billion estimate. The company also said that starting in the first quarter of 2027 it will make global monthly active users its “primary audience metric,” arguing a longer-term horizon better reflects its product and safety decisions.
- Apple Reportedly Tightens the Belt On Employee AI Budgets Amid Cost-Cutting Drive
According to Bloomberg, Apple is tightening employee spending on AI tools by lowering daily usage caps as part of a broader cost-cutting drive. Last month, the daily allowance for select engineers fell from $300 to $200, and the company is reportedly planning deeper cuts that could bring some engineering teams to $100 and non-engineering departments, which mostly already have a $100 limit, to $25. Staff needing higher limits for critical work must seek exemptions from senior management. Apple declined to comment. The move comes as research and development spending rose 32% in fiscal 2026 and operating expenses climbed 22% to $75.5 billion, while CEO John Ternus pushes for a faster, leaner company with fewer management layers.
- Could Buying Bitcoin Today Set You Up For Life?
Bitcoin rose from $1 in February 2011 to over $100,000 by December 2024, but it is now down 38% from its all-time high of $126,000. The article examines price targets: Cathie Wood's $1 million target for 2030 would require 88% annualized growth, and Coinbase CEO Brian Armstrong's $300,000 target would need nearly 40% a year, compared with Bitcoin's 37% compound annual growth over the past decade. JPMorgan Chase suggests Bitcoin might grow at a compound annual rate of 10% over the next decade, or 17% in an ultra-bullish scenario. At 10% annual growth, a $10,000 investment would be worth roughly $25,000 after a decade, which the author argues is not life-changing wealth. The piece concludes that Bitcoin may not be able to carry a portfolio's performance on its own if expectations are too high.
- How Aussie Bitcoiners can avoid 2027’s shock CGT hike: Part 1
Australia's recently announced budget scrapped the 50% capital gains discount for all investments, so from July 1, 2027, gains will be taxed at full income tax rates: 30% on income and gains between A$45,000 and A$135,000, 37% between A$135,000 and A$190,000, and 47% above that. Low-income earners who are not on welfare face a minimum 30% rate, and the only remaining discount covers inflation. In an example of buying Bitcoin for A$10,000 and selling a decade later for A$100,000, the inflation discount is only about A$3,439, so taxable gains rise from A$45,000 under the old system to A$86,561. The article outlines options such as hoping for a strong market rally before July 1, 2027, voting for parties pledging to reverse the changes, or moving holdings into a self-managed super fund (SMSF).
- Dow scores its best day in 18 months in a broad relief rally after Democrats sweep to power in Congress
Stocks surged, oil prices plunged and bond yields fell on Wednesday. The move was attributed to optimism that the Iran war could end sooner now that Democrats have won control of Congress.
- The economy brought Trump back to power. Now it's his downfall
Democrats won control of both the House and Senate in Tuesday's midterm elections, ending the Republican Party's trifecta of power in the federal government as voters focused on the cost of living. The CNBC Voter Poll found nearly nine out of 10 voters said the cost of living was a crucial or major factor, and about two out of three said Trump's policies worsened economic conditions. Gas averaged $4.15 a gallon on election day, the highest for any midterm or presidential election since at least 2000, and prices have surged about 37% over the past year amid the Middle East conflict. Zandi estimated that higher energy costs since the start of the Iran war have cost the average household nearly $1,230, while rising borrowing costs and expanded military services added more than $900. The University of Michigan's consumer sentiment survey fell in 2026 to its worst level in its seven-decade history.
Get the briefing on Telegram or Zalo
Join the Upside Telegram channel or Zalo group for the Vietnam stocks and gold briefing at 8:00 and 19:00 (Vietnam time) on trading days, plus a weekly wrap on Saturday morning.