It’s not about competing when it comes to crypto protection. Matt Mueller, Director of security operations, Coinbase
At Coinbase, we believe that the healthy and secure crypto industry is crucial to the growth and development of the crypto economy. Malicious threats to the Crypto Company are harmful not only to Coinbase, but to the industry as a whole.
So it’s important to have a community mindset when we see security threats in the wild. As they say, tides and flows lift all boats.
Security events are not specific to cryptography, but when they occur, they have the unique advantage that the crypto industry can immediately analyze how stolen funds are transported to the relevant blockchains. This allows us to cooperate with each other to freeze funds and return stolen assets to victims.
Earlier this month, Poly Network, the cross-chain Defi protocol, and Liquid, the Japanese crypto exchange, reported advanced cyber attacks on their platforms. In both cases, Coinbase quickly mobilized our teams to study the situation, conduct analysis, and ensure international cooperation between teams to identify and decimate its impact on the crypto industry (to make it clear that no attack affected Coinbase’s threat platform).
Coinbase works with industry partners to analytically analyze attackers ‘ tactics, methods and procedures (TTP), as well as provide blockchain analysis. For example, we regularly help victims of cyber attacks-whether crypto exchanges or decentralized financing (Defi) projects-connect to the right communication channels with the rest of the virtual asset service providers community (VASP) to ensure swift and decisive action is taken.
Our specific interventions depend on the type of attack, but will be Coinbase if funds are stolen:
Block all addresses identified as part of an attack to send money to Coinbase customers. Identify these addresses in our Coinbase analytics tool (which applies to internal and external customers of this tool), follow the instructions
How Coinbase responds to generic industrial crypto security threats
