Coinbase Says 99% of Customer Assets in Cold Storage After $6.3B Binance Hack

Coinbase disclosed on Nov. 29. The U.S.-listed exchange detailed distributed signing keys, emergency shutdown controls, and withdrawal restrictions in the disclosure, while stating its own systems were unaffected by the Binance breach. The timing matters because the incident has renewed scrutiny of how major centralized exchanges safeguard client funds, and Coinbase is using the moment to differentiate its custody architecture. Watch for whether the disclosure reassures institutional clients and prompts rivals to publish comparable cold-storage and key-management figures.