Major cryptocurrency exchange and wallet Coinbase recently made what it claims is the largest transfer of crypto on record, in a company blog post report on December 19th.
According to the post, 5 percent of all Bitcoin (BTC), 8 percent of all Ethereum (ETH), and 25 percent of all Litecoin (LTC), along with “many other assets” were moved to new cold storage infrastructure in what the firm “believe[s] is the largest crypto migration on record.”
Coinbase reports that last week, the firm “completed an on-blockchain migration of approximately $5 Billion (as valued the week ending on December 7, 2018) of cryptocurrency from Generation Three to Generation Four of our cold storage infrastructure.”
The current cold storage iteration is a long way from Coinbase’s original cold storage solution, of putting private keys on a physical device in a safety deposit box.
Security of assets has always been very important for cryptocurrency exchanges. Those that have been in the space for a while will remember the incidents with MtGox, Bitstamp, Bitfinex, Bitgrail just to name a few.
Let us know your preferred solution to secure your crypto in the comments below.