In a recent update, Coinbase announced a significant migration of funds from their internal legacy wallets to new wallets, emphasizing their unwavering commitment to security. In a blog post dated November 22, 2025, the cryptocurrency exchange stated that this migration is a strategic initiative centered around “rigorous, institutional-grade” security protocols, designed to align with best practices in minimizing potential risks to funds.
Coinbase clarified that this migration is entirely planned and unrelated to any recent changes in the cryptocurrency industry or fluctuations in market prices. The firm stressed that it is not a reaction to any data breach or external threats, thereby reinforcing user confidence in its commitment to safe asset management.
As part of this process, on-chain data is expected to show substantial movements of Bitcoin (BTC) and Ethereum (ETH) from existing Coinbase wallets to the new internal wallets. The transactions will originate from Coinbase-controlled wallets, many of which are recognizable on popular blockchain analytics platforms, and they will arrive in similarly controlled new wallets.
The company assured users that the migration will not result in any downtime for its products, and customers can continue to trade, send, and receive cryptocurrency without interruption. They also highlighted that deposit addresses used by users to add funds to their accounts remain unaffected throughout the migration process.
Coinbase took the opportunity to warn users of potential scams during this transition period. The firm cautioned that scammers may impersonate Coinbase staff, pressuring individuals to move their funds or share sensitive information. They reiterated that Coinbase will never request passwords, 2FA codes, or urge users to transfer assets. Users were advised to disregard any unsolicited communication that claims to be from Coinbase and to report any suspicious activity.
In closing, Coinbase confirmed that the wallet migration began at 9 AM Eastern Standard Time on November 22 and was successfully completed by 10:05 PM on the same day. The exchange indicated that further updates would be provided once the migration process reaches its conclusion, aiming to keep users informed every step of the way.
