#Tag · bonfire.cafe

my testing of Phone Assistants continues with #Mitra. I have Mitra calling all the scammers that texted me pretending to be #Coinbase and asking them if they need help and why they're impersonating Coinbase 😆

first two didn't answer, the others are still happening. i like that you can follow the call when someone picks up.

David Gerard

@davidgerard@circumstances.run · 3 weeks ago

@cryptadamist and after the other custodians shat the bed

prime trust gambling the entrusted assets on terra-luna, *goodness me*

⚯ Michel de Cryptadamus ⚯

@cryptadamist@universeodon.com · 3 weeks ago

@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...

David Gerard boosted

⚯ Michel de Cryptadamus ⚯

@cryptadamist@universeodon.com · 3 weeks ago

@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

@brian_armstrong Our institutional team is crushing it - two awesome stats from our QBR this week: 1) 8 of the top 10 publicly traded companies with BTC on their balance sheet use Coinbase Prime. 2) There's $140B of crypto in US ETFs, and 81% of that is stored with Coinbase. We’re tracking > 50 new ETF filings since the beginning of year. Thank you for your attention to this matter!

jbz

@jbz@indieweb.social · 2 months ago

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