@davidgerard i actually have some faith that coinbase custody is better run than literally anyone else based on what i've seen on chain - for instance, unlike say a company like bybit, they don't store billions of dollars of crypto in one wallet and instead break everything into chunks of ~$20 million (at least for stablecoins; i assume other stuff is similar).

so i suspect that coinbase custody is set up in such a way that even if they lose one wally, the other wallets aren't immediately also compromised.

at the same time, with that much money on the line every gifted teenager in north korea is probably laser focused on hacking #coinbase...

@davidgerard p.s. just to put some numbers on exactly how centralized the global bitcoin supply is in #coinbase, it looks like they are custodying 80% of the ETFs (~$113 bn) plus MSTR (~$50bn) and a couple others, and then also their customers.

taking into account lost bitcoins, they're probably custodying more than 10% of all the bitcoins in the world

Coinbase says its data breach affects at least 69,000 customers• @TechCrunch

「 In a blog post, Coinbase said the hacker demanded $20 million in a ransom payment to delete the data, which Coinbase refused to pay. The company said the hacker bribed Coinbase customer support workers into accessing customers’ data over a period of several months 」

https://techcrunch.com/2025/05/21/coinbase-says-its-data-breach-affects-at-least-69000-customers/

#coinbase #databreach #cybersecurity