Coinbase said its platform remains secure as it responds to a developing situation involving wallets linked to Binance. Jeff Lunglhofer, Coinbase’s chief security officer, wrote on X that the exchange is blocking asset transfers to compromised Binance wallets and has made changes to its cold storage systems purely as a precaution. He added that Coinbase had seen no signs of suspicious activity on its own platform after speaking with the custody team.
In an earlier post, Lunglhofer said Coinbase was aware of the situation affecting Binance, was monitoring it closely, and had reached out to offer support. Coinbase’s official account later echoed that message, saying the platform was secure, was tracking developments related to Binance, and had contacted Binance’s team.
On-chain monitoring the same day showed large outflows from an address labeled as a Binance hot wallet. Unchained estimated that about $3.5 billion had moved out of related wallets on Ethereum alone, while The Block, citing on-chain data, said suspicious outflows may have reached as much as $5.8 billion. Binance said it was investigating a potential security issue and would provide updates through official channels. Tether CEO Paolo Ardoino said Tether had frozen more than 1.567 billion USDT.
Coinbase said its systems remain secure as it responds to a security incident tied to wallets associated with Binance.
Jeff Lunglhofer, Coinbase’s chief security officer, wrote on X that Coinbase is safe. He said the company is blocking transfers of assets to compromised Binance wallets and has made adjustments to its cold storage systems purely as a precaution.
In an earlier post, Lunglhofer said the team was aware of the situation involving Binance, was watching it closely, and had offered support. He added that he had just finished a call with the custody team and had found no signs of suspicious activity at Coinbase.
Coinbase’s official account later posted that the platform was secure, that it was monitoring the Binance situation, and that it had contacted Binance’s team to offer support.
Large outflows seen from wallet labeled as Binance hot wallet
On-chain monitoring that day showed large transfers out of an address labeled as a Binance hot wallet. Unchained said roughly $3.5 billion had flowed out of related wallets on Ethereum alone. The Block, citing on-chain data, reported that suspicious outflows may have reached as much as $5.8 billion.
Binance said it is investigating a potential security issue and will share updates through official channels.
Tether Chief Executive Officer Paolo Ardoino said Tether has frozen more than 1.567 billion USDT.
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