Coinbase CEO Urges Crypto Firms to Coordinate After Binance Breach

Coinbase CEO Brian Armstrong said cooperation among crypto firms during security incidents can help prevent funds from reaching compromised wallets and enable some funds to be frozen.

Armstrong spoke in a television interview Thursday, Nov. 12, his first TV appearance since the Oct. 29 security incident at Binance, a cryptocurrency exchange. He said Coinbase tries to collaborate with other crypto companies during incidents like the Binance breach.

“The first thing that we try to do in moments like that is collaborate with others in the industry,” Armstrong said. He said cooperation can help keep additional funds from going to compromised wallets or allow funds to be frozen, particularly stablecoins.

Stablecoins are designed to keep their value relatively steady.