{
  "id": 18446215,
  "title": "Crypto exchanges tout cold storage ratios after Binance attack",
  "url": "https://urgent.news/2026/11/06/crypto-exchanges-tout-cold-storage-ratios-after-binance-attack",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-11-06T05:07:00.000Z",
  "source": {
    "name": "Cointelegraph",
    "slug": "cointelegraph",
    "url": "https://cointelegraph.com/news/binance-hack-puts-crypto-exchanges-cold-wallet-ratio-under-spotlight"
  },
  "original_language": "en",
  "account": "Following the recent Binance attack, crypto exchanges are emphasizing their cold storage ratios to reassure users. Coinbase claims to keep over 99% of customer assets offline, while Gate reports 88.26% of its total assets in cold storage. The incident has prompted exchanges to disclose their asset distribution between hot wallets and cold storage. Gate recently introduced a \"Proof of Security\" (PoSEC) framework, stating that 88.26% of its assets are stored in cold storage and 11.74% in hot wallets. The framework aims to provide transparency into asset storage structures and their capability to cover potential losses in extreme scenarios. Gate's data is currently undergoing independent review by a third-party audit firm.\n\nAfter the Binance incident, Coinbase and Upbit highlighted their high cold storage ratios. Coinbase states that more than 99% of customer assets are held in offline cold storage, while Upbit confirms a 99.17% cold wallet storage ratio as of September 2026. These figures already meet South Korea's regulatory minimum of 80%. Upbit's spokesperson explains that their strategy is to maintain hot wallet holdings below 1% of customer digital assets.\n\nOther major South Korean exchanges, such as Bithumb, Coinone, Digital X, and GOPAX, have disclosed slightly lower cold wallet shares, ranging from 94.76% to 80.54%. OKX, on the other hand, reports over 95% of client crypto assets in cold wallets and less than 5% in hot wallets. However, these ratios may not be directly comparable due to different reporting periods and calculation methods. While cold storage ratios offer some insight into an exchange's security, they do not account for potential vulnerabilities in offline wallets, such as compromised signing systems or fraudulent transactions by employees.",
  "summary": "Coinbase says it keeps more than 99% of customer assets offline, while Gate reports 88.26% of its total assets are kept in cold storage.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 3,
    "also_reported_by": [
      {
        "outlet": "CoinDesk",
        "title": "Gate CEO says crypto exchanges must prove they can survive a hack like Binance’s",
        "url": "https://urgent.news/2026/11/05/gate-ceo-says-crypto-exchanges-must-prove-they-can-survive-a-hack",
        "published": "2026-11-05T14:21:50.000Z"
      },
      {
        "outlet": "The National UAE",
        "title": "The real lesson from the Binance heist goes beyond crypto",
        "url": "https://urgent.news/2026/11/06/the-real-lesson-from-the-binance-heist-goes-beyond-crypto",
        "published": "2026-11-06T04:00:00.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}