Coinbase Offers to Help Binance After Hack, Says Customer Protection Comes First
Coinbase, the U.S. cryptocurrency exchange, is helping Binance respond to a hack by blocking transfers to compromised wallets and offering direct assistance to the rival exchange.On October 29, Coinbase Chief Executive Officer Brian Armstrong wrote on X that the company was “doing everything we can,” including stopping transfers headed to wallets affected by the security breach. He added that Coinbase had also contacted Binance to offer help directly.“At times like this, the industry needs to respond together,” Armstrong wrote. Protecting customers and publicly sharing useful information should come first, regardless of which platform users use. He also called on other industry participants to step in if they are able to help.Armstrong also expressed confidence in the crypto industry’s resilience. The sector has gone through difficult periods before and emerged stronger each time, he said, adding that this incident would be no different.Binance, meanwhile, said on October 29 that confirmed frozen assets had increased to about $3 billion. The company said it would cover all losses and is continuing security checks and fund tracing while deposits and withdrawals remain temporarily suspended.