After the Binance Hack, Coinbase Reveals How It Protects $377 Billion in Crypto

Coinbase says more than 99% of customer crypto is held in offline cold storage and that its $377 billion in platform assets at the end of September are tracked separately from its own cash and crypto. The disclosure followed a $6.3 billion theft at rival Binance, where attackers used a fake job interview to reach staff laptops and sent fake withdrawal requests on Oct. 29; Binance says no private keys were stolen, but withdrawal approval systems were fooled. Coinbase says its New York custody arm is a regulated fiduciary, its Luxembourg operations fall under MiCA, and its security relies on audits, in-house software, and multi-party computation that splits private keys across machines.