Coinbase Makes 'Record' Transfers of BTC, ETH, and LTC to Cold Storage

Coinbase, one of the most-used cryptocurrency exchanges, moved approximately $5 billion in cryptocurrency, claiming the title of "Largest crypto migration on record." The transfer included 5 percent of all BTC, 8 percent of all ETH, and 25 percent of all LTC in circulation.

According to a blog post on Dec. 19th, Coinbase announced that it successfully made one of the largest cryptocurrency transfers in history.

Coinbase stores 98% or more of our customer assets in our cold storage system.

The reason for the transfer is because Coinbase is moving to "Fourth generation" systems.

Coinbase balanced these concerns with its need for secrecy, attempting to conceal from hackers without sparking a market panic.

Coinbase alleviated these fears by issuing a short blog post prior to the move, allowing the move to happen without giving excessive time for hackers to mobilize their resources.

Coinbase had been preparing "Months before the actual move date," which involved most of Coinbase's staff.

The move marks another triumph for Coinbase amidst a spree of heavy-hitting features.

Within the last month, Coinbase has introduced an OTC desk, added a dozen new ERC-20 tokens on Coinbase Pro, and integrated free PayPal withdrawals into its service.

In addition to these feats, Coinbase has announced that the transfer is "Pushing the pace" of industry security.