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29 May 2022
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Coinbase Moves $5 Billion, Reports Largest Crypto Transfer on Record

Major cryptocurrency exchange and wallet Coinbase recently made what it claims is the largest transfer of crypto on record, a company blog post reports Dec. 19.

According to the post, 5 percent of all Bitcoin (BTC), 8 percent of all Ethereum (ETH), and 25 percent of all Litecoin (LTC), along with “many other assets” were moved to new cold storage infrastructure in what the firm “believe[s] is the largest crypto migration on record.”

Coinbase reports that last week, the firm “completed an on-blockchain migration of approximately $5 Billion (as valued the week ending Dec. 7, 2018) of cryptocurrency from Generation Three to Generation Four of our cold storage infrastructure.”

The latest storage system — which the company reportedly uses for all its cold storage — begins with a “highly controlled and audited key generation process and continue[s] with a globally distributed key storage and transaction approval system.”

According to Coinbase, this system was originally in place for its custody service, which launched in July, as Cointelegraph reported.

Today, Cointelegraph reported that Coinbase has launched an educational project that lets users earn cryptocurrency as they learn about it.

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