Crypto Exchanges Highlight Cold Storage After Binance Hack

Major cryptocurrency exchanges disclosed their cold-storage ratios after an attack on Binance’s internet-connected hot-wallet infrastructure reportedly resulted in the theft of approximately $6.36 billion, mostly within 20 minutes, according to TRM Labs. Binance CEO Richard Teng said the “vast majority” of user assets remain in cold wallets, although the exchange has not published a precise breakdown.

Gate launched a “Proof of Security” framework on Thursday, reporting that 88.26% of its total assets are held in cold storage and 11.74% in hot wallets. Gate claims its cold storage could cover 104.58% of customer assets even if every hot wallet were drained, though the figures are still undergoing review by an independent audit firm.

Coinbase said more than 99% of customer assets are held in offline cold storage and that it regularly transfers excess assets into cold wallets. Upbit also reported that 99.17% of its assets were in cold wallets as of September 2026, leaving 0.83% in hot wallets. The South Korean exchange said its ratio exceeds the country’s 80% regulatory minimum and that it aims to keep hot-wallet holdings below 1% of customer digital assets.

The disclosures provide users with additional visibility into how exchanges protect funds from online attacks while retaining enough assets in hot wallets to process withdrawals and trading. However, cold-storage percentages alone do not eliminate risk, and the security of exchange systems still depends on network controls, private-key management, audits and how assets are moved between online and offline wallets.