Coinbase said Wednesday that its systems and customer funds were unaffected by the Binance breach, which resulted in the theft of approximately $6.34 billion in crypto assets. The platform keeps more than 99% of customer assets in offline storage and maintains only a small portion in internet-connected wallets to process withdrawals. Its security measures include distributed private keys, multiple approval requirements, withdrawal limits, transaction monitoring and the ability to suspend wallet signing when suspicious behavior is detected. As of September 30, Coinbase reported $377 billion in assets on its platform, including $8.6 billion in cash and cash equivalents and $2.2 billion in crypto assets held for investment. Binance said it had replenished 98% of the affected assets using its own resources and expanded its proof of reserves coverage to 44 cryptocurrencies.
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