Coinbase Chief Security Officer: Platform security has intercepted transfers to the compromised Binance wallet

Coinbase Chief Security Officer Jeff Lunglhofer posted on X that Coinbase is secure. He stated that the platform is blocking assets from being sent to the compromised Binance wallets and has made adjustments to its cold storage system purely as a precaution.

In an earlier post, Lunglhofer mentioned that the team is aware of and closely monitoring the situation with Binance and has offered support to them. He stated that he just finished a call with the custody team and found no signs of suspicious activity at Coinbase. The official Coinbase account later posted that the platform is secure, monitoring the situation related to Binance, and has contacted their team to provide support.

On the same day, on-chain monitoring showed large outflows from addresses marked as Binance hot wallets. Unchained reported that approximately $3.5 billion has flowed out from related wallets on Ethereum alone; The Block cited on-chain data indicating that the suspicious outflow could reach as high as $5.8 billion. Binance stated that it is investigating potential security issues and will provide updates through official channels. Tether CEO Paolo Ardoino stated that Tether has frozen over 1.567 billion USDT.