Coinbase said Wednesday that its systems and customer funds were untouched by the breach at Binance, and that more than 99% of customer assets remain in cold storage, offline wallets isolated from internet access.
The exchange keeps only enough funds in internet-connected hot wallets to process routine withdrawals, continuously sweeping any excess balance into offline storage, according to the security update.
Coinbase said its wallet infrastructure relies on distributed private keys, multiple approval requirements and withdrawal limits, with monitoring systems able to halt wallet signing when they detect unusual transaction activity.
The reassurance follows an attack in which hackers drained roughly $6.34 billion from Binance wallets across 10 blockchains, with most transfers completed in about 20 minutes.
Binance has said the stolen funds came from hot wallets rather than cold storage, and that attackers spent months preparing, using fake job interviews on LinkedIn to get an engineer to install malicious software before reaching wallet-management systems with compromised internal access and an AI tool.
Binance suspended withdrawals for about 48 hours before restoring them for major assets including Bitcoin, Ethereum and Solana, and said it had replenished roughly 98% of affected assets using company resources, absorbing the losses rather than passing them to customers.
Coinbase also reiterated that customer assets are held on a 1:1 basis, remain customer property, and are not lent or used without authorization.
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