Coinbase operates from 2012, and it is, therefore, no surprise that people trust them. They have very rigorous procedures for generating private keys, which include special rooms, computers that are destroyed after use, and backup in multiple locations around the world. According to them, 98% of the assets are located in cold wallets, and fiat they hold for users is also fully insured by banks with whom they work.
Although security is at an enviable level, it is strange that so much BTC is not actually owned by its owners (they not own private keys), and they can only pray that nothing bad happens. I think most are still not ready to be their own bank, but I think that will change over time - we do not need another Mt.Gox.
Topic: Coinbase Holds a Whopping 966,230 Bitcoin ($7B) in Cold Wallet - page 5. (Read 802 times)
December 02, 2019, 10:07:58 AM
December 02, 2019, 09:49:09 AM
According to recent reports, Coinbase has a whopping 966,230 Bitcoin in its cold wallet. The exchange is increasingly becoming like a ‘bank’ which stores a growing number of deposited cryptocurrency assets.
Other exchanges lag behind Coinbase, but still have sizeable cold wallets from its depositors and own funds. BitMEX has around 265,140 BTC ($1.94B) while Bitstamp comes in third with 229,490 BTC ($1.67B). Other top exchanges by assets under its custody are Bitfinex (146,120 BTC), Kraken (136,780 BTC), Bittrex (131,340 BTC), and Coincheck (35,090 BTC)
.Other exchanges lag behind Coinbase, but still have sizeable cold wallets from its depositors and own funds. BitMEX has around 265,140 BTC ($1.94B) while Bitstamp comes in third with 229,490 BTC ($1.67B). Other top exchanges by assets under its custody are Bitfinex (146,120 BTC), Kraken (136,780 BTC), Bittrex (131,340 BTC), and Coincheck (35,090 BTC)
The hackers are monitoring all these exchanges and if they are not careful with their security like binance and the rest of the exchanges then they will run away with the coins and if any of these big exchanges gets hacked then there will be a major shake up in the market and it is even possible that the entire market will crash.
I'm not sure they should be advertising this. I just hope they have really really FIERCE security and are guarding their stash like hawks.
Hackers are looking forward for these stash of coins and if they are not careful with the security then they will be looting everything and we have more hacks in the past and we do not want to hear another major hack yet again. 
December 02, 2019, 09:12:17 AM
If it's really cold wallets then there really isn't much that can go wrong so long as it stays in cold storage. I'd expect Coinbase, having never been a victim of a major hack, would know their stuff.
Dont know why some people do talk about possible hack yet we've been talking these funds being stored on a cold wallet which its nearly impossible to hack unless if those keys are lost or being compromised.Almost 1M btc possession of coinbase isnt really that surprising though and as said they have never been a victim when it comes to security breaches which something means that
they are aware of everything when it comes to that matter.
With almost $2 billion dollars in various cases of hacking and stolen funds that started on 2017, It's not surprising at all seeing these exchanges to use cold storage wallet for their customer's assets. Their system have never been compromised and they should prevent that from happening at all times, at all cost. they are aware of everything when it comes to that matter.
December 02, 2019, 08:18:21 AM
If it's really cold wallets then there really isn't much that can go wrong so long as it stays in cold storage. I'd expect Coinbase, having never been a victim of a major hack, would know their stuff.
Dont know why some people do talk about possible hack yet we've been talking these funds being stored on a cold wallet which its nearly impossible to hack unless if those keys are lost or being compromised.Almost 1M btc possession of coinbase isnt really that surprising though and as said they have never been a victim when it comes to security breaches which something means that
they are aware of everything when it comes to that matter.
December 02, 2019, 08:10:40 AM
If it's really cold wallets then there really isn't much that can go wrong so long as it stays in cold storage. I'd expect Coinbase, having never been a victim of a major hack, would know their stuff.
Dont know why some people do talk about possible hack yet we've been talking these funds being stored on a cold wallet which its nearly impossible to hack unless if those keys are lost or being compromised.Almost 1M btc possession of coinbase isnt really that surprising though and as said they have never been a victim when it comes to security breaches which something means that
they are aware of everything when it comes to that matter.
December 02, 2019, 07:53:10 AM
With this assets amount we have to set multi layer security to prevent hacker attack this wallet. Make previous case as important lessson for them , hackers now be very smart and already developt new technique to break exchange security system. Dont let them success or crypto market will dump again and investors will left to another financial market.
December 02, 2019, 07:43:38 AM
https://beincrypto.com/coinbase-holds-a-whopping-966230-bitcoin-7b-in-cold-wallet/
I'm not sure they should be advertising this. I just hope they have really really FIERCE security and are guarding their stash like hawks.
Quote
According to recent reports, Coinbase has a whopping 966,230 Bitcoin in its cold wallet. The exchange is increasingly becoming like a ‘bank’ which stores a growing number of deposited cryptocurrency assets.
Other exchanges lag behind Coinbase, but still have sizeable cold wallets from its depositors and own funds. BitMEX has around 265,140 BTC ($1.94B) while Bitstamp comes in third with 229,490 BTC ($1.67B). Other top exchanges by assets under its custody are Bitfinex (146,120 BTC), Kraken (136,780 BTC), Bittrex (131,340 BTC), and Coincheck (35,090 BTC)
.Other exchanges lag behind Coinbase, but still have sizeable cold wallets from its depositors and own funds. BitMEX has around 265,140 BTC ($1.94B) while Bitstamp comes in third with 229,490 BTC ($1.67B). Other top exchanges by assets under its custody are Bitfinex (146,120 BTC), Kraken (136,780 BTC), Bittrex (131,340 BTC), and Coincheck (35,090 BTC)
I'm not sure they should be advertising this. I just hope they have really really FIERCE security and are guarding their stash like hawks.
Whether they advertise it or not, they are always a target and advertising it does not make them less of a target however, being a business means they can use everything at their disposal to ensure they have the right narrative or in the news for the good reasons. Announcing that they have such huge amount is also to send a message that they can be trusted since a whole lot of people have trusted them already. Another angle to the message is that they security architecture is top notch for them to be so buoyant about it and the same time not shy of the responsibility that have been bestowed upon them by virtue of this announcement.
December 02, 2019, 07:40:07 AM
That's a pretty big amount of money in equivalent, if that assets were deposited in a bank, it will have an insurance that deposits will get a certain maximum amount in case something happen to the money. I wonder what would be coinbase approach to ensured that big funds, Binance have a SAFU funds, how bout coinbase?
I am just concern about this a lot because of the trends that big exchanges are being hack, we have upbit recently.
https://www.theblockcrypto.com/post/48578/south-korean-crypto-exchange-upbit-gets-hacked-loses-nearly-50m-worth-of-ether
I am just concern about this a lot because of the trends that big exchanges are being hack, we have upbit recently.
https://www.theblockcrypto.com/post/48578/south-korean-crypto-exchange-upbit-gets-hacked-loses-nearly-50m-worth-of-ether
December 02, 2019, 07:39:10 AM
Imagine if coinbase went crazy and let loose this amount of BTC in the world. Well, by the end though, these amounts of BTC would still spread over the globe to various users to be used as a form of currency. We all are waiting for that time that Fiat is replaced by crypto, and well, holding or storing coins impacts the idea of replacement negatively. Besides, why store something that is supposed to be used right?
I'm not sure they should be advertising this. I just hope they have really really FIERCE security and are guarding their stash like hawks.
It's like their saying to hackers that there's a big pot of gold right here lmao. If someone actually managed to access their stash, welp, GG coinbase. Better luck next time. 
December 02, 2019, 07:28:12 AM
If it's really cold wallets then there really isn't much that can go wrong so long as it stays in cold storage. I'd expect Coinbase, having never been a victim of a major hack, would know their stuff.
December 02, 2019, 07:26:17 AM
https://beincrypto.com/coinbase-holds-a-whopping-966230-bitcoin-7b-in-cold-wallet/
I'm not sure they should be advertising this. I just hope they have really really FIERCE security and are guarding their stash like hawks.
Wow, Quote
According to recent reports, Coinbase has a whopping 966,230 Bitcoin in its cold wallet. The exchange is increasingly becoming like a ‘bank’ which stores a growing number of deposited cryptocurrency assets.
Other exchanges lag behind Coinbase, but still have sizeable cold wallets from its depositors and own funds. BitMEX has around 265,140 BTC ($1.94B) while Bitstamp comes in third with 229,490 BTC ($1.67B). Other top exchanges by assets under its custody are Bitfinex (146,120 BTC), Kraken (136,780 BTC), Bittrex (131,340 BTC), and Coincheck (35,090 BTC)
.Other exchanges lag behind Coinbase, but still have sizeable cold wallets from its depositors and own funds. BitMEX has around 265,140 BTC ($1.94B) while Bitstamp comes in third with 229,490 BTC ($1.67B). Other top exchanges by assets under its custody are Bitfinex (146,120 BTC), Kraken (136,780 BTC), Bittrex (131,340 BTC), and Coincheck (35,090 BTC)
I'm not sure they should be advertising this. I just hope they have really really FIERCE security and are guarding their stash like hawks.
It's not surprising since Coinbase is one of the early legit adopters, pioneers I bitcoin online wallet. This means that more people are trusting coinbase and any other exchange, especially in the US.
I hope they have data for Binance too.
December 02, 2019, 06:48:16 AM
https://beincrypto.com/coinbase-holds-a-whopping-966230-bitcoin-7b-in-cold-wallet/
I'm not sure they should be advertising this. I just hope they have really really FIERCE security and are guarding their stash like hawks.
Quote
According to recent reports, Coinbase has a whopping 966,230 Bitcoin in its cold wallet. The exchange is increasingly becoming like a ‘bank’ which stores a growing number of deposited cryptocurrency assets.
Other exchanges lag behind Coinbase, but still have sizeable cold wallets from its depositors and own funds. BitMEX has around 265,140 BTC ($1.94B) while Bitstamp comes in third with 229,490 BTC ($1.67B). Other top exchanges by assets under its custody are Bitfinex (146,120 BTC), Kraken (136,780 BTC), Bittrex (131,340 BTC), and Coincheck (35,090 BTC)
.Other exchanges lag behind Coinbase, but still have sizeable cold wallets from its depositors and own funds. BitMEX has around 265,140 BTC ($1.94B) while Bitstamp comes in third with 229,490 BTC ($1.67B). Other top exchanges by assets under its custody are Bitfinex (146,120 BTC), Kraken (136,780 BTC), Bittrex (131,340 BTC), and Coincheck (35,090 BTC)
I'm not sure they should be advertising this. I just hope they have really really FIERCE security and are guarding their stash like hawks.
Jump to: