TL;DR: As part of our efforts to maintain our industry-leading security standards, Coinbase will undergo internal wallet migrations for BTC and ETH. This is a standard practice that reflects our commitment to keeping assets safe. During this time, Coinbase will migrate funds onchain from legacy internal wallets to new internal wallets. This is not in response to a data breach incident or external threat. This migration has been planned well in advance and is unrelated to industry changes or current price conditions. We do not anticipate downtime for Coinbase products during these migrations.
Today, Coinbase is migrating funds from internal legacy wallets to new wallets. Security is the foundation of everything we do and this migration is underpinned by rigorous, institutional-grade security architecture that reinforces our commitment to best-in-class security practices. Migrating wallets periodically is a well-accepted best practice that minimizes long-term exposure of funds.
This is a planned migration and unrelated to industry changes or price conditions. This is not in response to a data breach incident or external threat.
Onchain data will reflect very large volumes of BTC and ETH moving from existing Coinbase wallets to new Coinbase internal wallets.
These transactions will originate from Coinbase‑controlled wallets, many of which are already labeled on most blockchain analytics platforms. They will arrive in new, Coinbase-controlled wallets.
We do not anticipate that this migration will cause downtime for any Coinbase products. Customers can continue to trade, send, and receive crypto.
Deposit addresses used by customers to deposit funds on Coinbase are not impacted.
During this migration, scammers may try to pose as Coinbase employees or try to pressure you into moving funds. Remember, Coinbase will never ask for your password, 2FA codes, or to transfer assets.
We will never call or text you to give you a new seed phrase or wallet address to move your funds to. If you receive this call, hang up the phone. Coinbase will never proactively reach out to you and ask you to call us.
We will update this blog when the migrations are complete. For more updates on this migration, see @CoinbasePltfrm. To learn more about our standards for safeguarding digital assets, you can read our blog here. Update: The migration began on 11/22 at 9AM EST and was completed on 11/22 at 10:05 PM ET.
Coinbase has entered an agreement to acquire The Clearing Company, a prediction markets company innovating at the frontier of regulated, onchain markets. The team brings deep expertise that will help power and scale prediction markets on Coinbase.
