- Coinbase holds the largest amount of crypto ahead of all other exchange firms
- The exchange resolves to self hack to keep its coin safe
- Coinbase internal crisis
American crypto exchange firm, Coinbase has over $11 billion stored in its cold wallet, Bitcoin analytics platform, ChainInfo reveals.
However, at over $11 billion, Coinbase crypto holding has reduced compared to the amount the exchange had in its cold wallets last year. Notwithstanding this, the value of the coins continues to rise as Bitcoin price surges.
Coinbase crypto holding is the highest compared to all other exchange firms. Huobi and Binance come after the American crypto firm with $3.7 billion and $3.3 billion, respectively. OKEX ranks number four at $3.1 billion.
All these holdings continue to rise as the value of crypto continues to surge.
How Coinbase crypto holding is kept safe
“It might be the world’s largest honeypot. Many would wish they had a quantum computer,” Elias Strehle, a Blockchain researcher, said.
With so much stored in the American exchange wallet, security becomes paramount. Advancements in computing and quantum computers have left Bitcoin susceptible to being hacked regardless of how well it is secured.
Coinbase crypto holding being the wallet with the highest stored asset, it remains a target for hackers. However, if the exchange wallets get hacked, a lot of Bitcoin is at stake. The exchange keeps up with a strict security routine by trying to hack itself and discover any loopholes in response to this.
Coinbase crypto holding because of how much its worth is believed to weaken possibilities of decentralizing the crypto industry.
Coinbase internal crisis
Despite being the crypto firm with the highest holding, the firm is currently rocked by its internal crisis.
Jeff Horowitz, Coinbase Chief Compliance Officer, alongside 60 other Coinbase employees, are set to leave the firm. They account for 5 percent of the exchange’s staff strength.
This is after many of its employees have left the firm recently owing to the controversial post by Brian Armstrong, the CEO of Coinbase.