1/ I don't have inside knowledge of what is happening inside @binance. That said, their on-chain movement of funds for audit purposes isn’t out of the norm and @coinbase did something similar many years ago when we first started 3rd party auditor review of custodial assets. 🧵 2/ At scale, differences in listed assets really start to drag on you in a bunch of ways. One of the ways is audit procedures. While in theory you can sign a message with any private key, there are some practical blockers to that.

1/ I've seen a bunch of incorrect claims that Coinbase was involved in the recent DOJ seizure of bitcoin associated with the Colonial Pipeline ransomware attack. We weren’t. a thread: 2/ Coinbase was not the target of the warrant and did not receive the ransom or any part of the ransom at any point. We also have no evidence that the funds went through a Coinbase account/wallet.

@nathanielpopper The security and availability of Coinbase’s cryptocurrency storage systems is not dependent on any one or small group of individuals in the company - it’s managed by several teams with redundancy built in in terms of both people and systems. 1/6 @nathanielpopper Secure and resilient key management is a critical part of any crypto company. As an industry, we've seen this first hand not just in terms of the security of the assets, but in terms of the process being resilient to the unavailability of critical executives at the company. 2/6

1/ A little more context on the Firefox 0-day reports. On Monday, Coinbase detected & blocked an attempt by an attacker to leverage the reported 0-day, along with a separate 0-day firefox sandbox escape, to target Coinbase employees. 2/ We walked back the entire attack, recovered and reported the 0-day to firefox, pulled apart the malware and infra used in the attack and are working with various orgs to continue burning down attacker infrastructure and digging into the attacker involved.