Hacking News
Coinbase Claims No Assets Lost in Binance Hack
Coinbase, a U.S. cryptocurrency exchange, stated that it was not affected by the $6.4 billion Binance hack. The exchange detailed its security measures, including the use of offline storage for over 99% of customer assets, split private keys, and kill switches. Coinbase also highlighted several layers of protection, such as private key splitting, strict limits on hot wallet transactions, and the ability to trigger kill switches to take signing keys offline. The company assumed employees could be targeted by phishing and designed its controls to prevent unauthorized actions, even with stolen credentials.