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Coinbase Quietly Performs $5 Bln Crypto Transfer
Coinbase, the major San Francisco-based fiat-to-crypto exchange, has just announced the completion of its major crypto transfer. More than $5 bln worth of crypto has quietly migrated to the exchange’s generation 4 cold storage.
The largest crypto transfer in history
The $8 bln crypto unicorn has just revealed all the details of the largest transfer in history in its most recent Medium post. The above-mentioned $5 bln figure includes 5 percent of BTC, 8 percent of ETH and 25 percent of LTC.
Mitigating risks
Such a mammoth-size transfer could have been easily mistaken for a security breach or a major sell-off, which would immediately take a tool on the cryptocurrency market. They were also worried that the migration news would increase the number of hacking attempts. That explains why they kept their plans in complete secrecy (apart from an ambiguous post about ‘scheduled maintenance’ published on Nov. 7 that stirred some buzz in the crypto community).
The golden standard of security
It is worth mentioning that Coinbase stores 98 percent of its users’ funds in its cold storage in order to reach the highest level of security. They’ve made a long way from keys in a safety deposit box to the generation 4 storage system with high-profile key governance that is already being utilized by large institutions.
Earlier U.Today shed light on how the exchange prints private keys in a remote Faraday tent and physically destroys laptops that are used for the procedure. That explains why the old-timer exchange has never experienced a single successful hacking attack.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.