фото показано с : blokt.com

One of the largest cryptocurrency exchanges in the US, Coinbase recently moved about 5% of all BTC, 8% of all ETH and 25% of all LTC in circulation to secure storage.

The migration also included several other tokens, and the exchange considers it the largest crypto migration on record.

Their VP of security Phillip Martin talked about the security on the platform and shared the best practices for crypto security with the community.

Coinbase suggested that security should be a top priority for all organizations that seek to serve their customers over the long term.

Martin said that Coinbase considers it their critical responsibility to secure the assets of their customers, following the gold standard of asset storage, which is cold storage.

The exchange already stores 98% of its customer assets in cold storage.

According to Martin, the exchange completed an on-blockchain migration worth $5 billion from Generation Three to Generation Four of their cold storage infrastructure.

Martin stated:

“To our knowledge, this is the largest movement of cryptocurrency (certainly in USD terms, potentially in absolute terms) ever undertaken.”

The world uses a range of storage techniques from bunkers in Swiss Alps to hardware security modules (HSMs).

Martin said:

“Coinbase’s standard for truly cold storage is that multiple geographically separated humans in the real world should be forced to perform physical actions to enable a transaction after reviewing transaction details. If that isn’t true, we don’t think it’s actually cold storage.”

The initial version of Coinbase’s cold storage included keys in a safety deposit box.

However, as the situation has changed over time, Coinbase felt the need to upgrade its security systems.

The new system protects against key loss, misuse of keys while enabling world-class key governance.

The system is currency agnostic which means that all coins get the same level of security as one coin.

Martin noted that the actual transaction of $5 billion into cold storage demanded a high degree of caution and the company started planning months before the move date, working on risk assessments, monitoring plans, and test migrations.

Coinbase Talks About the Largest Crypto Transfer on Record was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

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