Coinbase CEO Brian Armstrong recalled that the platform initially only used hot wallets, which was extremely risky. The rapid growth of user deposits made them realize the need to establish a cold wallet system as soon as possible. Although experts suggested that the system would require about 10 people and 18 months to develop, Coinbase only had two engineers and 8 weeks. After encountering signs of hacking, Armstrong and Charlie Lee urgently developed a cold storage system, completed key generation and multi-location backup, and successfully completed asset transfer in the last week. The system has been running stably for many years and has now been iterated to the 5th version. Armstrong said that this was one of the critical moments in the company's early days, and Coinbase might not have survived if it had not been completed in time. [Wu Shuo]

Coinbase CEO Recalls Early Key Moments: Building a Cold Wallet System in 8 Weeks to Address Security Crisis