Coinbase (NASDAQ:COIN) noted in a blog post on November 22, 2025 that they had been migrating funds from their internal legacy wallets to new wallets. According to the update from Coinbase, security is considered to be the foundation of everything they aim to do and this latest migration is said to be underpinned by “rigorous, institutional-grade” security architecture that reinforces their ongoing commitment to standard security practices. The US based cryptocurrency exchange further explained that migrating wallets periodically is now part of a fairly “well-accepted best practice that minimizes long-term exposure of funds.”
As clarified in the update from Coinbase, this is a “planned migration and unrelated to industry changes or price conditions.”
The digital assets firm also stated that this is “not in response to a data breach incident or external threat.”
Coinbase also pointed out that onchain data will “reflect very large volumes of BTC and ETH moving from existing Coinbase wallets to new Coinbase internal wallets.”
These transactions will actually “originate from Coinbase‑controlled wallets, many of which are labeled on most blockchain analytics platforms.”
They will arrive in new, Coinbase-controlled wallets.
The company added that they do “not anticipate that this migration will cause downtime for any Coinbase products.”
The firm also stated that customers can continue “to trade, send, and receive crypto.”
Deposit addresses used by customers to “deposit funds on Coinbase are not impacted.”
During this migration, scammers may try “to pose as Coinbase employees or try to pressure you into moving funds.”
Coinbase (like all other legit service providers) will “never ask for your password, 2FA codes, or to transfer assets.”
As always, Coinbase reminded users that they will “never call or text you to give you a new seed phrase or wallet address to move your funds to.”
And if you receive this call, simply “hang up the phone.” Coinbase will “never proactively reach out to you and ask you to call us.”
Coinbase also confirmed that they would provide additional updates when the migrations have reached a conclusive point.
The firm concluded that the migration described above actually began on 11/22 at 9AM EST and was “completed on 11/22 at 10:05 PM.”
