Cold wallet ratio: Upbit, Coinbase and Gate show how much they keep offline

Exchanges have started to publish their cold wallet ratio, the share of customer assets they keep offline, a week after hackers drained Binance’s hot wallets. Attackers took about $6.36 billion from Binance, most of it within 20 minutes, according to TRM Labs. Binance CEO Richard Teng said the “vast majority” of user assets sit in cold wallets, and the exchange has not published an exact split. Cointelegraph collected the figures other platforms have disclosed so far.

A hot wallet stays online so an exchange can process withdrawals fast, and a cold wallet keeps its keys offline. The more an exchange holds in cold storage, the less a hacker can take in one attack. Binance set aside $6.34 billion to cover its users after the theft.

What exchanges disclosed

Each exchange reports the share of assets it keeps in cold storage:

• Upbit: 99.17%;
• Coinbase: more than 99%;
• OKX: more than 95%;
• Bithumb: 94.76%;
• Gate: 88.26%;
• Coinone: 85%;
• Digital X, formerly Korbit: 82.79%;
• GOPAX: 80.54%.

Coinbase wrote in a blog post on Wednesday that customers were “asking how Coinbase protects customer assets” after the Binance attack. It said it keeps moving excess assets back to cold storage. OKX cites its security overview, last updated on 18 September.

South Korea sets a floor

The Korean figures come from reports to the Financial Supervisory Service, and they cover the end of September. The regulator sets a minimum of 80% in cold storage. All five Korean platforms clear it, GOPAX by half a point.

A spokesperson for Dunamu, the company behind Upbit, said its ratio is “substantially above the regulatory minimum of 80%”. Upbit aims to keep hot wallet holdings below 1% of customer digital assets.

Gate went further on Thursday with Proof of Security, a report that its cold storage alone covers 104.58% of customer assets. An audit firm is still reviewing those numbers.

The figures differ in scope

You can’t rank exchanges by these figures one to one. They cover different reporting periods, and each exchange may count a different asset base: Gate gives its share of all assets, Upbit of customer digital assets.

A high ratio protects you from a hot wallet breach. Thieves can still empty offline wallets through compromised signing systems, weak access controls or a staff member who approves a fraudulent transaction. Hong Kong’s Securities and Futures Commission warned in an August 2025 circular that such weaknesses can hit hot and cold wallets alike.

What it means for you

Before you leave coins on an exchange, find its latest cold wallet ratio and check the date and the asset base behind it. Then ask who can sign transactions from those cold wallets and whether an auditor has checked the figures. We tracked how the Binance theft unfolded in our hack timeline.

Based on Cointelegraph’s report of 6 November 2026. The ratios are self-reported by the exchanges and cover different periods.