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Coinbase’s CSO: Coinbase Wasn’t Involved in the DOJ Seizure of Bitcoin

  • Coinbase wasn’t involved in the Colonial Pipeline ransomware attack.
  • Philip Martin said Coinbase wasn’t a thread

Recently, some rumors were claiming that Coinbase was involved in the recent DOJ seizure of bitcoin linked with the Colonial Pipeline ransomware attack.

According to Coinbase’s Chief Security Officer, Coinbase wasn’t involved in the Colonial Pipeline ransomware attack.

Coinbase‘s CSO Philip Martin took the matter to his Tweeter account. He replied as follow:

Coinbase was not the target of the warrant and did not receive the ransom or any part of the ransom at any point. We also have no evidence that the funds went through a Coinbase account/wallet.

Let’s note that the U.S. government officials recovered 63.7 BTC, worth roughly $2.3 million at the time. However, the authorities said it had several irregularities. Also, the investigators claimed to have obtained the group’s private keys. But they did not disclose how the FBI could confiscate them.

Based on a report, the private key address was with the FBI in the Northern District of California. Besides, they said it was connected with Coinbase.

Philip Martin denied these claims. He said that the seizure warrant defined property in the Northern District of California, it had to be targeted at Coinbase.

More so, he added:

“What this likely means is that the private key is located at one of the many Northern California FBI field offices.”

Also, he said, due to the exchange’s storage mechanisms which use a pooled hot wallet, it “wouldn’t make a ton of sense” to hand over a specific private key.

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Nathan Morgan

Nathan Morgan can be found writing, developing and designing all sorts of content. Aside from his fascination with content creation, he is also passionate about blockchain and cryptocurrency developments.

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