Coinbase Shifts Crypto to New Onchain Wallets in Planned Migration

Coinbase has completed a scheduled internal wallet migration, moving tokens to new internal wallets as part of a routine security procedure. The migration aims to reduce long-term exposure associated with keeping funds in publicly known wallet addresses. Coinbase emphasized that this action is a standard industry best practice and is not a response to any cybersecurity threats or breaches. During the migration, users were warned about potential scams where scammers may impersonate company representatives to solicit login information or funds. The exchange cautioned crypto users to remain vigilant against such threats. The migration involved significant amounts of Bitcoin and Ethereum, as balances transitioned from existing Coinbase wallets to newly designated wallets identified by blockchain explorers. Experts also highlighted the increasing risks posed by advances in artificial intelligence and quantum computing, which could undermine current cryptographic security protocols. The urgency of shifting cryptographic standards to post-quantum security measures was reiterated as a proactive step against retroactive hacking threats.

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