In a blog post, Wednesday Coinbase said that more than 99% of customer assets are held in offline cold storage, and that last week’s $6.34 billion hack at rival Binance did not affect its systems or customer funds.
The U.S. exchange set out its security controls in the post.
It said the Oct. 29 theft, which the FBI has attributed to North Korea’s TraderTraitor group, had left customers asking how it guards against a similar attack.
Related: Binance founder issues chilling warning after record crypto heist
How the safeguards work
Cold wallets are not connected to the internet. Coinbase moves funds into internet-connected hot wallets only as customers need them for withdrawals.
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