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class="cds-flex-f1e67903 cds-2-_1gzxkm cds-relative-r1fxlug" style="position:relative"><div style="width:12px;height:12px"><span class="cds-iconStyles-iogjozt" style="color:var(--foreground);font-size:12px" role="presentation" data-icon-name="caretRight"></span></div></div><div class="cds-flex-f1e67903 sc-ac40e769-0 iSohHx"><h4 color="foreground" class="sc-70fe2692-0 hUlIJn">Market updates</h4><p color="foregroundMuted" class="sc-70fe2692-0 cLhVcr"></p></div></div></a><a data-qa="Navbar-Navlink1-TrapDoorProductListColumn" color="foregroundMuted" href="https://www.coinbase.com/bytes" class="sc-71b37d64-0 frJDIX"><div title="Newsletter" tabindex="0" class="sc-e824152b-1 jbioLL"><div class="cds-flex-f1e67903 cds-2-_1gzxkm cds-relative-r1fxlug" style="position:relative"><div style="width:12px;height:12px"><span class="cds-iconStyles-iogjozt" style="color:var(--foreground);font-size:12px" role="presentation" data-icon-name="caretRight"></span></div></div><div class="cds-flex-f1e67903 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cds-start-s1muvu8a cds-link--container"><div class="cds-flex-f1e67903 sc-ac40e769-0 sc-3833aaac-0 bYuHil nbpmN">Individuals</div><section class="sc-a5ff1862-0 gPxbMK"><div class="cds-flex-f1e67903 sc-ac40e769-0 gTvyxz"><div class="sc-a5ff1862-1 iIdmnz"><a data-qa="Navbar-Navlink2-TrapDoorProductListColumn" color="foregroundMuted" href="https://www.coinbase.com/signup" class="sc-71b37d64-0 frJDIX"><div title="Buy and sell" tabindex="0" class="sc-e824152b-1 jbioLL"><img src="//images.ctfassets.net/c5bd0wqjc7v0/3dFdY6GvgLgCIXmBiN6eiA/d4acc5d4c5d557566cf0e46f9b58de43/icon-buy-and-sell.svg" height="40" width="40" alt="Buy and sell" class="sc-e824152b-0 ggPKLT"/><div class="cds-flex-f1e67903 sc-ac40e769-0 iSohHx"><h4 color="foreground" class="sc-70fe2692-0 hUlIJn">Buy and sell</h4><p color="foregroundMuted" class="sc-70fe2692-0 cLhVcr">Buy, sell and use crypto</p></div></div></a><a data-qa="Navbar-Navlink2-TrapDoorProductListColumn" color="foregroundMuted" href="https://www.coinbase.com/wallet" class="sc-71b37d64-0 frJDIX"><div title="Wallet" tabindex="0" class="sc-e824152b-1 jbioLL"><img src="//images.ctfassets.net/c5bd0wqjc7v0/5Hv0XvERMU1cfshj0eWLDH/5a537adbb69125407075210b4ca242e5/new-wallet-icon.svg" height="40" width="40" alt="Wallet" class="sc-e824152b-0 ggPKLT"/><div class="cds-flex-f1e67903 sc-ac40e769-0 iSohHx"><h4 color="foreground" class="sc-70fe2692-0 hUlIJn">Wallet</h4><p color="foregroundMuted" class="sc-70fe2692-0 cLhVcr">The best self-hosted crypto wallet</p></div></div></a><a data-qa="Navbar-Navlink2-TrapDoorProductListColumn" color="foregroundMuted" href="https://www.coinbase.com/earn" class="sc-71b37d64-0 frJDIX"><div title="Earn" tabindex="0" class="sc-e824152b-1 jbioLL"><img src="//images.ctfassets.net/c5bd0wqjc7v0/2R68T7CC9SMNPZ0qlBT27C/2b101f95e5b201bf99216dafe14c5d1a/new-earn-icon.svg" height="40" width="40" alt="Earn" class="sc-e824152b-0 ggPKLT"/><div class="cds-flex-f1e67903 sc-ac40e769-0 iSohHx"><h4 color="foreground" class="sc-70fe2692-0 hUlIJn">Earn</h4><p color="foregroundMuted" class="sc-70fe2692-0 cLhVcr">Earn interest on your crypto</p></div></div></a><a data-qa="Navbar-Navlink2-TrapDoorProductListColumn" color="foregroundMuted" href="https://www.coinbase.com/card" class="sc-71b37d64-0 frJDIX"><div title="Card" tabindex="0" class="sc-e824152b-1 jbioLL"><img src="//images.ctfassets.net/c5bd0wqjc7v0/2OUJoRinjmzcv3L4oEvD8C/68d9a0ea281708d0b859c6fd7d909a1a/new-card-icon.svg" height="40" width="40" alt="Card" class="sc-e824152b-0 ggPKLT"/><div class="cds-flex-f1e67903 sc-ac40e769-0 iSohHx"><h4 color="foreground" class="sc-70fe2692-0 hUlIJn">Card</h4><p color="foregroundMuted" class="sc-70fe2692-0 cLhVcr">Spend crypto, earn crypto rewards</p></div></div></a><a data-qa="Navbar-Navlink2-TrapDoorProductListColumn" color="foregroundMuted" href="https://www.coinbase.com/private-client" class="sc-71b37d64-0 frJDIX"><div title="Private Client" tabindex="0" class="sc-e824152b-1 jbioLL"><img src="//images.ctfassets.net/c5bd0wqjc7v0/1CmcG8xD5BPT3DYJnl0DXG/6135743862720cdd53a5a9077c64e0af/new-private-client-icon.svg" height="40" width="40" alt="Private Client" class="sc-e824152b-0 ggPKLT"/><div class="cds-flex-f1e67903 sc-ac40e769-0 iSohHx"><h4 color="foreground" class="sc-70fe2692-0 hUlIJn">Private Client</h4><p color="foregroundMuted" class="sc-70fe2692-0 cLhVcr">For trusts, family offices, UHNWIs</p></div></div></a><a data-qa="Navbar-Navlink2-TrapDoorProductListColumn" color="foregroundMuted" href="https://www.coinbase.com/borrow" class="sc-71b37d64-0 frJDIX"><div title="Borrow" tabindex="0" class="sc-e824152b-1 jbioLL"><img src="//images.ctfassets.net/c5bd0wqjc7v0/26W7tWrpDU6eLcgKiuL7U7/887617ce48666f87365d1f4fe0675cc3/new-borrow-icon.svg" height="40" width="40" alt="Borrow" class="sc-e824152b-0 ggPKLT"/><div class="cds-flex-f1e67903 sc-ac40e769-0 iSohHx"><h4 color="foreground" class="sc-70fe2692-0 hUlIJn">Borrow</h4><p color="foregroundMuted" class="sc-70fe2692-0 cLhVcr">Borrow cash using Bitcoin as collateral</p></div></div></a><a data-qa="Navbar-Navlink2-TrapDoorProductListColumn" color="foregroundMuted" href="https://www.coinbase.com/rewards" class="sc-71b37d64-0 frJDIX"><div title="Rewards" tabindex="0" class="sc-e824152b-1 jbioLL"><img src="//images.ctfassets.net/c5bd0wqjc7v0/4aimnFIF9r1DhebxFhYaEm/fe83638dae90ae49bf41e4a00f2372c6/new-rewards-icon.svg" height="40" width="40" alt="Rewards" class="sc-e824152b-0 ggPKLT"/><div class="cds-flex-f1e67903 sc-ac40e769-0 iSohHx"><h4 color="foreground" class="sc-70fe2692-0 hUlIJn">Rewards</h4><p color="foregroundMuted" class="sc-70fe2692-0 cLhVcr">Earn crypto, win crypto</p></div></div></a><a data-qa="Navbar-Navlink2-TrapDoorProductListColumn" color="foregroundMuted" href="https://www.coinbase.com/learning-rewards" class="sc-71b37d64-0 frJDIX"><div title="Learning Rewards" tabindex="0" class="sc-e824152b-1 jbioLL"><img src="//images.ctfassets.net/c5bd0wqjc7v0/2R68T7CC9SMNPZ0qlBT27C/2b101f95e5b201bf99216dafe14c5d1a/new-earn-icon.svg" height="40" width="40" alt="Learning Rewards" class="sc-e824152b-0 ggPKLT"/><div class="cds-flex-f1e67903 sc-ac40e769-0 iSohHx"><h4 color="foreground" class="sc-70fe2692-0 hUlIJn">Learning Rewards</h4><p color="foregroundMuted" class="sc-70fe2692-0 cLhVcr">Learn and earn crypto</p></div></div></a><a data-qa="Navbar-Navlink2-TrapDoorProductListColumn" color="foregroundMuted" href="https://nft.coinbase.com/" class="sc-71b37d64-0 frJDIX"><div title="NFT" tabindex="0" class="sc-e824152b-1 jbioLL"><img src="//images.ctfassets.net/c5bd0wqjc7v0/4RSuItQibKz9Osk8qTVVeV/750b1c44c47e7d29bb071140332294bf/NFT.svg" height="40" width="40" alt="NFT" class="sc-e824152b-0 ggPKLT"/><div class="cds-flex-f1e67903 sc-ac40e769-0 iSohHx"><h4 color="foreground" class="sc-70fe2692-0 hUlIJn">NFT</h4><p color="foregroundMuted" class="sc-70fe2692-0 cLhVcr">Create, collect, connect</p></div></div></a><a data-qa="Navbar-Navlink2-TrapDoorProductListColumn" color="foregroundMuted" href="https://www.coinbase.com/derivatives" class="sc-71b37d64-0 frJDIX"><div title="Derivatives" tabindex="0" class="sc-e824152b-1 jbioLL"><img src="//images.ctfassets.net/c5bd0wqjc7v0/FkpxYKh8E3bCvOkM2buz3/7914de9d8ce7657ad72af6fb1af8fe92/derivativesNavigation__1_.svg" height="40" width="40" alt="Derivatives" class="sc-e824152b-0 ggPKLT"/><div class="cds-flex-f1e67903 sc-ac40e769-0 iSohHx"><h4 color="foreground" class="sc-70fe2692-0 hUlIJn">Derivatives</h4><p color="foregroundMuted" class="sc-70fe2692-0 cLhVcr">Trade an accessible futures market</p></div></div></a></div><div class="cds-flex-f1e67903 sc-ac40e769-0 cIMfkH"><h4 class="sc-70fe2692-0 iCSCJo">Crypto tools for everyone</h4><p class="sc-70fe2692-0 bdrYwA">Buy, sell, and spend crypto on the world&#x27;s most trusted crypto exchange</p><div class="cds-flex-f1e67903 sc-ac40e769-0 GgDUd"><a type="button" class="cds-link cds-link-l17zyfmx" title="See all products" data-qa="Navbar-Navlink2-TrapDoorLabel" href="https://www.coinbase.com/products"><span class="cds-typographyResets-t1xhpuq2 cds-headline-hb7l4gg cds-primary-piuvss6 cds-transition-txjiwsi cds-start-s1muvu8a cds-link--container">See all products</span></a></div></div></div></section></span></button><button type="button" class="cds-link cds-link-l17zyfmx" data-qa="Navbar-Navlink3-NavLinkButton"><span class="cds-typographyResets-t1xhpuq2 cds-label1-ln29cth cds-foreground-f1yzxzgu cds-transition-txjiwsi cds-start-s1muvu8a cds-link--container"><div class="cds-flex-f1e67903 sc-ac40e769-0 sc-3833aaac-0 bYuHil nbpmN">Businesses</div><section class="sc-a5ff1862-0 gPxbMK"><div class="cds-flex-f1e67903 sc-ac40e769-0 gTvyxz"><div class="sc-a5ff1862-1 iIdmnz"><a data-qa="Navbar-Navlink3-TrapDoorProductListColumn" color="foregroundMuted" href="https://www.coinbase.com/institutional" class="sc-71b37d64-0 frJDIX"><div title="Institutional" tabindex="0" class="sc-e824152b-1 jbioLL"><img src="//images.ctfassets.net/c5bd0wqjc7v0/1HZEwp3wqyQ7N4Xcdtra4y/ee9cb2e19397702a262d119d424d0581/new-institutional-icon.svg" height="40" width="40" alt="Institutional" class="sc-e824152b-0 ggPKLT"/><div class="cds-flex-f1e67903 sc-ac40e769-0 iSohHx"><h4 color="foreground" class="sc-70fe2692-0 hUlIJn">Institutional</h4><p color="foregroundMuted" class="sc-70fe2692-0 cLhVcr">Solutions for institutional investors</p></div></div></a><a data-qa="Navbar-Navlink3-TrapDoorProductListColumn" color="foregroundMuted" href="https://www.coinbase.com/prime" class="sc-71b37d64-0 frJDIX"><div title="Prime" tabindex="0" class="sc-e824152b-1 jbioLL"><img src="//images.ctfassets.net/c5bd0wqjc7v0/59sLic8xsGkkCUuHfqn4wc/7e46b201f78bcd4664333d19733fb5f8/new-prime-icon.svg" height="40" width="40" alt="Prime" class="sc-e824152b-0 ggPKLT"/><div class="cds-flex-f1e67903 sc-ac40e769-0 iSohHx"><h4 color="foreground" class="sc-70fe2692-0 hUlIJn">Prime</h4><p color="foregroundMuted" class="sc-70fe2692-0 cLhVcr">The prime brokerage platform</p></div></div></a><a data-qa="Navbar-Navlink3-TrapDoorProductListColumn" color="foregroundMuted" href="https://commerce.coinbase.com/" class="sc-71b37d64-0 frJDIX"><div title="Commerce" tabindex="0" class="sc-e824152b-1 jbioLL"><img src="//images.ctfassets.net/c5bd0wqjc7v0/5UwMT9dWJhJ9j3z8V13hXp/89734db99196236ae59ffe1f96ba708d/commerceicon.png" height="40" width="40" alt="Commerce" class="sc-e824152b-0 ggPKLT"/><div class="cds-flex-f1e67903 sc-ac40e769-0 iSohHx"><h4 color="foreground" class="sc-70fe2692-0 hUlIJn">Commerce</h4><p color="foregroundMuted" class="sc-70fe2692-0 cLhVcr">Accept crypto from anyone</p></div></div></a><a data-qa="Navbar-Navlink3-TrapDoorProductListColumn" color="foregroundMuted" href="https://www.coinbase.com/assethub" class="sc-71b37d64-0 frJDIX"><div title="Asset Hub" tabindex="0" class="sc-e824152b-1 jbioLL"><img src="//images.ctfassets.net/c5bd0wqjc7v0/4sGoc9vBSbsR5hFqSixQsh/f0ef61797bb1d30ba32394b2816669be/new-assetHub-icon.svg" height="40" width="40" alt="Asset Hub" class="sc-e824152b-0 ggPKLT"/><div class="cds-flex-f1e67903 sc-ac40e769-0 iSohHx"><h4 color="foreground" class="sc-70fe2692-0 hUlIJn">Asset Hub</h4><p color="foregroundMuted" class="sc-70fe2692-0 cLhVcr">List your asset on Coinbase</p></div></div></a><a data-qa="Navbar-Navlink3-TrapDoorProductListColumn" color="foregroundMuted" href="https://www.coinbase.com/exchange" class="sc-71b37d64-0 frJDIX"><div title="Exchange" tabindex="0" class="sc-e824152b-1 jbioLL"><img src="//images.ctfassets.net/c5bd0wqjc7v0/VZpxxgYHNWXtyzq0tE2vt/a1f11b07a5bbfc256bcdd7a4506da4b4/new-exchange-icon.svg" height="40" width="40" alt="Exchange" class="sc-e824152b-0 ggPKLT"/><div class="cds-flex-f1e67903 sc-ac40e769-0 iSohHx"><h4 color="foreground" class="sc-70fe2692-0 hUlIJn">Exchange</h4><p color="foregroundMuted" class="sc-70fe2692-0 cLhVcr">Direct access to our exchange</p></div></div></a><a data-qa="Navbar-Navlink3-TrapDoorProductListColumn" color="foregroundMuted" href="https://www.coinbase.com/compliance" class="sc-71b37d64-0 frJDIX"><div title="Compliance" tabindex="0" class="sc-e824152b-1 jbioLL"><img src="//images.ctfassets.net/c5bd0wqjc7v0/6Rd7hwbfRn1WaJyaZ0l5d8/6e03d79fafcac04897c65ad5486b61c8/new-analytics-icon.svg" height="40" width="40" alt="Compliance" class="sc-e824152b-0 ggPKLT"/><div class="cds-flex-f1e67903 sc-ac40e769-0 iSohHx"><h4 color="foreground" class="sc-70fe2692-0 hUlIJn">Compliance</h4><p color="foregroundMuted" class="sc-70fe2692-0 cLhVcr">Power your crypto compliance</p></div></div></a></div><div class="cds-flex-f1e67903 sc-ac40e769-0 cIMfkH"><h4 class="sc-70fe2692-0 iCSCJo">Built for businesses and institutions</h4><p class="sc-70fe2692-0 bdrYwA">Crypto solutions for institutional investors, family offices, and businesses</p><div class="cds-flex-f1e67903 sc-ac40e769-0 GgDUd"><a type="button" class="cds-link cds-link-l17zyfmx" title="See all products" data-qa="Navbar-Navlink3-TrapDoorLabel" href="https://www.coinbase.com/products"><span class="cds-typographyResets-t1xhpuq2 cds-headline-hb7l4gg cds-primary-piuvss6 cds-transition-txjiwsi cds-start-s1muvu8a cds-link--container">See all products</span></a></div></div></div></section></span></button><button type="button" class="cds-link cds-link-l17zyfmx" data-qa="Navbar-Navlink4-NavLinkButton"><span class="cds-typographyResets-t1xhpuq2 cds-label1-ln29cth cds-foreground-f1yzxzgu cds-transition-txjiwsi cds-start-s1muvu8a cds-link--container"><div class="cds-flex-f1e67903 sc-ac40e769-0 sc-3833aaac-0 bYuHil nbpmN">Developers</div><section class="sc-a5ff1862-0 gPxbMK"><div class="cds-flex-f1e67903 sc-ac40e769-0 gTvyxz"><div class="sc-a5ff1862-1 iIdmnz"><a data-qa="Navbar-Navlink4-TrapDoorProductListColumn" color="foregroundMuted" href="https://www.coinbase.com/cloud" class="sc-71b37d64-0 frJDIX"><div title="Cloud" tabindex="0" class="sc-e824152b-1 jbioLL"><img src="//images.ctfassets.net/c5bd0wqjc7v0/6xvB0yE6s3SBLlUw0TVQgV/b5d1936d738e25e43a484a0615bb4c0c/cloud-icon.svg" height="40" width="40" alt="Cloud" class="sc-e824152b-0 ggPKLT"/><div class="cds-flex-f1e67903 sc-ac40e769-0 iSohHx"><h4 color="foreground" class="sc-70fe2692-0 hUlIJn">Cloud</h4><p color="foregroundMuted" class="sc-70fe2692-0 cLhVcr">Developer tools and APIs</p></div></div></a><a data-qa="Navbar-Navlink4-TrapDoorProductListColumn" color="foregroundMuted" href="http://www.coinbase.com/cloud/products/pay-sdk" class="sc-71b37d64-0 frJDIX"><div title="Pay SDK" tabindex="0" class="sc-e824152b-1 jbioLL"><img src="//images.ctfassets.net/c5bd0wqjc7v0/1gvNK5eS7b2XF2URxTotha/5406957e6d27cc51ccdd28c2e8954645/PaySDK.svg" height="40" width="40" alt="Pay SDK" class="sc-e824152b-0 ggPKLT"/><div class="cds-flex-f1e67903 sc-ac40e769-0 iSohHx"><h4 color="foreground" class="sc-70fe2692-0 hUlIJn">Pay SDK</h4><p color="foregroundMuted" class="sc-70fe2692-0 cLhVcr">A secure fiat-to-crypto solution</p></div></div></a><a data-qa="Navbar-Navlink4-TrapDoorProductListColumn" color="foregroundMuted" href="http://www.coinbase.com/cloud/products/node" class="sc-71b37d64-0 frJDIX"><div title="Node" tabindex="0" class="sc-e824152b-1 jbioLL"><img src="//images.ctfassets.net/c5bd0wqjc7v0/2NyyIW3XHFDqHUrnD90cJ8/823945eddf55709be2dac8b891945dc0/querytransacticon.png" height="40" width="40" alt="Node" class="sc-e824152b-0 ggPKLT"/><div class="cds-flex-f1e67903 sc-ac40e769-0 iSohHx"><h4 color="foreground" class="sc-70fe2692-0 hUlIJn">Node</h4><p color="foregroundMuted" class="sc-70fe2692-0 cLhVcr">Read and write blockchain data</p></div></div></a><a data-qa="Navbar-Navlink4-TrapDoorProductListColumn" color="foregroundMuted" href="http://www.coinbase.com/cloud/products/commerce-api" class="sc-71b37d64-0 frJDIX"><div title="Commerce API" tabindex="0" class="sc-e824152b-1 jbioLL"><img 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class="sc-70fe2692-0 sc-8c405636-2 juxIkM cDvclr">Defending Privacy in Crypto</h1><p color="foregroundMuted" class="sc-70fe2692-0 sc-8c405636-3 bfKVKX cnSKqS">Coinbase is funding a lawsuit brought by six people challenging the U.S. Treasury Department’s sanctions of the Tornado Cash smart contracts and asking the Court to remove them from the U.S. sanctions list.</p></a><div class="cds-flex-f1e67903 sc-ac40e769-0 gElahs"><a data-qa="HeroFeaturedEditorial-CategoryTag" color="foregroundMuted" href="/blog/landing/policy" class="sc-71b37d64-0 frJDIX"><p color="primary" class="sc-70fe2692-0 sc-8c405636-5 fLfBnQ eUvIHw">Policy<!-- -->,</p></a><p color="foregroundMuted" class="sc-70fe2692-0 lnOeRn">Sep 8, 2022<!-- -->,</p><p color="foregroundMuted" class="sc-70fe2692-0 lnOeRn">4 min<!-- --> <!-- -->read time</p></div></div></div></div></div></div></div></header><div class="cds-flex-f1e67903 sc-ac40e769-0 bxfeRY"><section class="sc-ac40e769-0 sc-2c6c81c-0 bAaLib kKodCj"><div 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srcSet="/blog/_next/image?url=https%3A%2F%2F%2F%2Fimages.ctfassets.net%2Fc5bd0wqjc7v0%2F2ygcCMIARPgwwdiK5yzRzT%2F054aeb6e1e603e9eef7bca73bb65bde5%2F1_2FrfDh6s-fGwJgNzO-UZfA.png&amp;w=500&amp;q=100 500w, /blog/_next/image?url=https%3A%2F%2F%2F%2Fimages.ctfassets.net%2Fc5bd0wqjc7v0%2F2ygcCMIARPgwwdiK5yzRzT%2F054aeb6e1e603e9eef7bca73bb65bde5%2F1_2FrfDh6s-fGwJgNzO-UZfA.png&amp;w=767&amp;q=100 767w, /blog/_next/image?url=https%3A%2F%2F%2F%2Fimages.ctfassets.net%2Fc5bd0wqjc7v0%2F2ygcCMIARPgwwdiK5yzRzT%2F054aeb6e1e603e9eef7bca73bb65bde5%2F1_2FrfDh6s-fGwJgNzO-UZfA.png&amp;w=1024&amp;q=100 1024w, /blog/_next/image?url=https%3A%2F%2F%2F%2Fimages.ctfassets.net%2Fc5bd0wqjc7v0%2F2ygcCMIARPgwwdiK5yzRzT%2F054aeb6e1e603e9eef7bca73bb65bde5%2F1_2FrfDh6s-fGwJgNzO-UZfA.png&amp;w=1400&amp;q=100 1400w" src="/blog/_next/image?url=https%3A%2F%2F%2F%2Fimages.ctfassets.net%2Fc5bd0wqjc7v0%2F2ygcCMIARPgwwdiK5yzRzT%2F054aeb6e1e603e9eef7bca73bb65bde5%2F1_2FrfDh6s-fGwJgNzO-UZfA.png&amp;w=1400&amp;q=100" width="1000" height="1000" decoding="async" data-nimg="future" class="card-article-image" loading="lazy" style="color:transparent"/></div></div></a></div><div class="cds-flex-f1e67903 sc-ac40e769-0 sc-3ff44d31-2 jlydHb favxIj"><a data-qa="Wayfinding-Child0-CardEyebrow" color="foregroundMuted" href="/blog/landing/company" class="sc-71b37d64-0 frJDIX"><p color="primary" class="sc-70fe2692-0 sc-3ff44d31-3 fLfBnQ iYEyEi">Company<!-- -->,</p></a><p color="foregroundMuted" class="sc-70fe2692-0 lnOeRn">Sep 22, 2022<!-- -->,</p><p color="foregroundMuted" class="sc-70fe2692-0 lnOeRn">2 min<!-- --> <!-- -->read time</p></div><div class="cds-flex-f1e67903 sc-ac40e769-0 fTWPUn"><div class="cds-flex-f1e67903 sc-ac40e769-0 sc-3ff44d31-1 lkyECm gmQePo"><a data-qa="Wayfinding-Child0-CardHeader" color="foregroundMuted" href="/blog/coinbase-gains-regulatory-approval-in-the-netherlands" class="sc-71b37d64-0 frJDIX"><h3 color="foreground" class="sc-70fe2692-0 sc-3ff44d31-4 gCMoeh eXMvWd">Coinbase gains regulatory 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-->,</p></a><p color="foregroundMuted" class="sc-70fe2692-0 lnOeRn">Sep 22, 2022<!-- -->,</p><p color="foregroundMuted" class="sc-70fe2692-0 lnOeRn">2 min<!-- --> <!-- -->read time</p></div><div class="cds-flex-f1e67903 sc-ac40e769-0 fTWPUn"><div class="cds-flex-f1e67903 sc-ac40e769-0 sc-3ff44d31-1 lkyECm gmQePo"><a data-qa="Wayfinding-Child1-CardHeader" color="foregroundMuted" href="/blog/in-response-to-the-wall-street-journal" class="sc-71b37d64-0 frJDIX"><h3 color="foreground" class="sc-70fe2692-0 sc-3ff44d31-4 gCMoeh eXMvWd">In response to the Wall Street Journal</h3></a></div></div></div><div class="cds-flex-f1e67903 sc-ac40e769-0 sc-3ff44d31-0 iwBcnb jQHNyt"><div class="cds-flex-f1e67903 sc-ac40e769-0 sc-3ff44d31-1 lkyECm gmQePo"><a data-qa="Wayfinding-Child2-CardImage" color="foregroundMuted" href="/blog/coinbase-cloud-launches-platform-for-web3-developers" class="sc-71b37d64-0 frJDIX"><div class="cds-flex-f1e67903 sc-ac40e769-0 sc-5c877c5d-0 fHstKT gVSDL"><div 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src="/blog/_next/image?url=https%3A%2F%2F%2F%2Fimages.ctfassets.net%2Fc5bd0wqjc7v0%2F6g0GOrBOwxNMihbExuVpux%2F4e81337219a34eae64620b28ab2a436d%2F0_JSwFq78qQ_V_mbk0&amp;w=1400&amp;q=100" width="1000" height="1000" decoding="async" data-nimg="future" class="card-article-image" loading="lazy" style="color:transparent"/></div></div></a></div><div class="cds-flex-f1e67903 sc-ac40e769-0 sc-3ff44d31-2 jlydHb favxIj"><a data-qa="Wayfinding-Child2-CardEyebrow" color="foregroundMuted" href="/blog/landing/product" class="sc-71b37d64-0 frJDIX"><p color="primary" class="sc-70fe2692-0 sc-3ff44d31-3 fLfBnQ iYEyEi">Product<!-- -->,</p></a><p color="foregroundMuted" class="sc-70fe2692-0 lnOeRn">Sep 21, 2022<!-- -->,</p><p color="foregroundMuted" class="sc-70fe2692-0 lnOeRn">4 min<!-- --> <!-- -->read time</p></div><div class="cds-flex-f1e67903 sc-ac40e769-0 fTWPUn"><div class="cds-flex-f1e67903 sc-ac40e769-0 sc-3ff44d31-1 lkyECm gmQePo"><a data-qa="Wayfinding-Child2-CardHeader" color="foregroundMuted" 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src="/blog/_next/image?url=https%3A%2F%2F%2F%2Fimages.ctfassets.net%2Fc5bd0wqjc7v0%2F57JNF9mqjPIN7oKcwnmOjU%2F54e2f4513bf199050c36a4555d61ce3c%2FCeler_Bridge_incident_analysis.png&amp;w=1400&amp;q=100" width="1000" height="1000" decoding="async" data-nimg="future" class="card-article-image" loading="lazy" style="color:transparent"/></div></div></a></div><div class="cds-flex-f1e67903 sc-ac40e769-0 sc-3ff44d31-2 jlydHb favxIj"><a data-qa="Wayfinding-Child5-CardEyebrow" color="foregroundMuted" href="/blog/landing/engineering" class="sc-71b37d64-0 frJDIX"><p color="primary" class="sc-70fe2692-0 sc-3ff44d31-3 fLfBnQ iYEyEi">Engineering<!-- -->,</p></a><p color="foregroundMuted" class="sc-70fe2692-0 lnOeRn">Sep 9, 2022<!-- -->,</p><p color="foregroundMuted" class="sc-70fe2692-0 lnOeRn">12 min<!-- --> <!-- -->read time</p></div><div class="cds-flex-f1e67903 sc-ac40e769-0 fTWPUn"><div class="cds-flex-f1e67903 sc-ac40e769-0 sc-3ff44d31-1 lkyECm gmQePo"><a data-qa="Wayfinding-Child5-CardHeader" 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class="cds-flex-f1e67903 sc-ac40e769-0 sc-3ff44d31-2 jlydHb favxIj"><a data-qa="Wayfinding-Child7-CardEyebrow" color="foregroundMuted" href="/blog/landing/engineering" class="sc-71b37d64-0 frJDIX"><p color="primary" class="sc-70fe2692-0 sc-3ff44d31-3 fLfBnQ iYEyEi">Engineering<!-- -->,</p></a><p color="foregroundMuted" class="sc-70fe2692-0 lnOeRn">Sep 6, 2022<!-- -->,</p><p color="foregroundMuted" class="sc-70fe2692-0 lnOeRn">9 min<!-- --> <!-- -->read time</p></div><div class="cds-flex-f1e67903 sc-ac40e769-0 fTWPUn"><div class="cds-flex-f1e67903 sc-ac40e769-0 sc-3ff44d31-1 lkyECm gmQePo"><a data-qa="Wayfinding-Child7-CardHeader" color="foregroundMuted" href="/blog/real-time-reconciliation-with-overseer" class="sc-71b37d64-0 frJDIX"><h3 color="foreground" class="sc-70fe2692-0 sc-3ff44d31-4 gCMoeh eXMvWd">Real-time reconciliation with Overseer</h3></a></div></div></div><div class="cds-flex-f1e67903 sc-ac40e769-0 sc-3ff44d31-0 iwBcnb jQHNyt"><div class="cds-flex-f1e67903 sc-ac40e769-0 sc-3ff44d31-1 lkyECm gmQePo"><a data-qa="Wayfinding-Child8-CardImage" color="foregroundMuted" href="/blog/how-coinbase-protects-users-from-risky-assets" class="sc-71b37d64-0 frJDIX"><div class="cds-flex-f1e67903 sc-ac40e769-0 sc-5c877c5d-0 fHstKT gVSDL"><div class="cds-flex-f1e67903 sc-ac40e769-0 sc-1ccf32d3-0 kzxLee kMBvdR"><div class="sc-80aee5f9-0 gphLpK"></div><img alt="How Coinbase Protects Users From Risky Assets" sizes="100vw" srcSet="/blog/_next/image?url=https%3A%2F%2F%2F%2Fimages.ctfassets.net%2Fc5bd0wqjc7v0%2F2ThUMomqbVRgIFWSGP4Uge%2F52e860ad413901ede1a64292bf85aee9%2FHow_Coinbase_Protects_Users_From_Risky_Assets.png&amp;w=500&amp;q=100 500w, /blog/_next/image?url=https%3A%2F%2F%2F%2Fimages.ctfassets.net%2Fc5bd0wqjc7v0%2F2ThUMomqbVRgIFWSGP4Uge%2F52e860ad413901ede1a64292bf85aee9%2FHow_Coinbase_Protects_Users_From_Risky_Assets.png&amp;w=767&amp;q=100 767w, /blog/_next/image?url=https%3A%2F%2F%2F%2Fimages.ctfassets.net%2Fc5bd0wqjc7v0%2F2ThUMomqbVRgIFWSGP4Uge%2F52e860ad413901ede1a64292bf85aee9%2FHow_Coinbase_Protects_Users_From_Risky_Assets.png&amp;w=1024&amp;q=100 1024w, /blog/_next/image?url=https%3A%2F%2F%2F%2Fimages.ctfassets.net%2Fc5bd0wqjc7v0%2F2ThUMomqbVRgIFWSGP4Uge%2F52e860ad413901ede1a64292bf85aee9%2FHow_Coinbase_Protects_Users_From_Risky_Assets.png&amp;w=1400&amp;q=100 1400w" src="/blog/_next/image?url=https%3A%2F%2F%2F%2Fimages.ctfassets.net%2Fc5bd0wqjc7v0%2F2ThUMomqbVRgIFWSGP4Uge%2F52e860ad413901ede1a64292bf85aee9%2FHow_Coinbase_Protects_Users_From_Risky_Assets.png&amp;w=1400&amp;q=100" width="1000" height="1000" decoding="async" data-nimg="future" class="card-article-image" loading="lazy" style="color:transparent"/></div></div></a></div><div class="cds-flex-f1e67903 sc-ac40e769-0 sc-3ff44d31-2 jlydHb favxIj"><a data-qa="Wayfinding-Child8-CardEyebrow" color="foregroundMuted" href="/blog/landing/product" class="sc-71b37d64-0 frJDIX"><p color="primary" class="sc-70fe2692-0 sc-3ff44d31-3 fLfBnQ iYEyEi">Product<!-- -->,</p></a><p color="foregroundMuted" class="sc-70fe2692-0 lnOeRn">Sep 2, 2022<!-- -->,</p><p color="foregroundMuted" class="sc-70fe2692-0 lnOeRn">4 min<!-- --> <!-- -->read time</p></div><div class="cds-flex-f1e67903 sc-ac40e769-0 fTWPUn"><div class="cds-flex-f1e67903 sc-ac40e769-0 sc-3ff44d31-1 lkyECm gmQePo"><a data-qa="Wayfinding-Child8-CardHeader" color="foregroundMuted" href="/blog/how-coinbase-protects-users-from-risky-assets" class="sc-71b37d64-0 frJDIX"><h3 color="foreground" class="sc-70fe2692-0 sc-3ff44d31-4 gCMoeh eXMvWd">How Coinbase Protects Users From Risky Assets</h3></a></div></div></div></div></div><div class="cds-flex-f1e67903 sc-ac40e769-0 kcJjkR"><div href="/blog/landing" class="cds-flex-f1e67903 sc-ac40e769-0 sc-9c6def5d-0 bAaLib cJAOJW"><button style="--interactable-height:56px;--interactable-border-radius:56px;--interactable-background:var(--primary);--interactable-hovered-background:rgb(1, 76, 236);--interactable-hovered-opacity:0.92;--interactable-pressed-background:rgb(1, 72, 221);--interactable-pressed-opacity:0.86;--interactable-disabled-background:rgb(158, 189, 255)" type="button" data-qa="Wayfinding-ButtonLabel" class="cds-interactable-i9xooc6 cds-transparentChildren-tnzgr0o cds-transparent-tlx9nbb cds-button-b18qe5go cds-focusRing-fd371rq cds-scaledDownState-sxr2bd6 cds-primaryForeground-pxcz3o7 cds-button-bpih6bv cds-4-_aw0v8j cds-4-_1007wyr"><span class="cds-positionRelative-pagbhaq"><span class="cds-typographyResets-t1xhpuq2 cds-headline-hb7l4gg cds-primaryForeground-pxcz3o7 cds-transition-txjiwsi cds-start-s1muvu8a"><span class="">See all entries</span></span></span></button></div></div></div></div></section></div><section class="sc-ac40e769-0 sc-2c6c81c-0 fpdbQu iRLBxl non-default-background"><div class="cds-flex-f1e67903 sc-ac40e769-0 dFsGCt"><div class="cds-flex-f1e67903 sc-ac40e769-0 sc-98ec993c-0 kOLwSj dIyKzn"></div><div class="cds-flex-f1e67903 sc-ac40e769-0 dZEQiM"><div class="cds-flex-f1e67903 sc-ac40e769-0 cBJQTM"><h2 class="sc-70fe2692-0 cXDonM">Podcasts</h2><div class="cds-flex-f1e67903 sc-ac40e769-0 cozVDm"><div class="cds-flex-f1e67903 sc-ac40e769-0 hIPOns"><div class="cds-flex-f1e67903 sc-ac40e769-0 bAaLib"><p color="primary" class="sc-70fe2692-0 sc-44c08260-0 iECAur jRQmcb">Around the Block</p></div><div class="cds-flex-f1e67903 sc-ac40e769-0 bAaLib"><p color="foreground" class="sc-70fe2692-0 sc-44c08260-0 kifjWg eojrsu">BUIDL Crypto</p></div></div></div><div class="cds-flex-f1e67903 sc-ac40e769-0 iIacEA"><div class="cds-flex-f1e67903 sc-ac40e769-0 hIPOns"><div class="cds-flex-f1e67903 sc-ac40e769-0 bAaLib"><p color="primary" class="sc-70fe2692-0 sc-44c08260-0 iECAur jRQmcb">Around the Block</p></div><div class="cds-flex-f1e67903 sc-ac40e769-0 bAaLib"><p color="foreground" class="sc-70fe2692-0 sc-44c08260-0 kifjWg eojrsu">BUIDL Crypto</p></div></div><div class="cds-flex-f1e67903 sc-ac40e769-0 gXObBv"><div data-testid="" class="cds-flex-f1e67903 cds-column-c1lezl4s" style="width:100%"><div class="cds-flex-f1e67903 cds-row-r1tfxker" style="opacity:1"><div class="cds-inputAreaContainerStyles-i1sndg40"><span data-testid="input-interactable-area" class="cds-interactable-i9xooc6 cds-transparentChildren-tnzgr0o cds-transparent-tlx9nbb cds-input-i1ykumba cds-focusRing-fd371rq cds-inputBaseAreaStyles-i12wqc8" style="--border-color-unfocused:var(--line-heavy);--border-color-focused:var(--primary);--border-width-focused:var(--border-width-input);--interactable-border-radius:56px;--interactable-background:var(--background);--interactable-hovered-background:rgb(250, 250, 250);--interactable-hovered-opacity:0.98;--interactable-pressed-background:rgb(235, 235, 236);--interactable-pressed-opacity:0.92;--interactable-disabled-background:rgb(255, 255, 255);height:calc(56px + var(--border-width-input) + var(--border-width-input))"><div data-testid="" class="cds-flex-f1e67903 cds-center-ca5ylan cds-row-r1tfxker cds-center-czxavit"><div class="cds-flex-f1e67903 cds-2-_rro7jr cds-2-_1gzxkm"><div class="cds-flex-f1e67903 cds-relative-r1fxlug" style="position:relative"><div style="width:16px;height:16px"><span class="cds-iconStyles-iogjozt" style="color:var(--foreground);font-size:16px" role="presentation" data-icon-name="search"></span></div></div></div></div><input style="text-align:start" aria-describedby="cds-textinput-description-0datsbmlzj6h" class="cds-nativeInputBaseStyle-n1l8ztqg cds-body-bvviwwo cds-2-_1xqs9y8 cds-2-_vhy4ik cds-0_5-_sl1i61 cds-2-_1gzxkm" tabindex="0" role="searchbox" type="search" placeholder="Search" value=""/></span></div></div></div></div></div><span class="sc-70fe2692-0 bQROHA">No result</span></div></div></div></section><section class="sc-ac40e769-0 sc-2c6c81c-0 fpdbQu iRLBxl non-default-background"><div 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style="--interactable-border-radius:0px;--interactable-background:var(--transparent);--interactable-hovered-background:transparent;--interactable-hovered-opacity:0.88;--interactable-pressed-background:transparent;--interactable-pressed-opacity:0.82;--interactable-disabled-background:transparent"><span color="foregroundMuted" class="sc-70fe2692-0 sc-a5cfc943-2 cLhVcr bXiuvc">Market updates</span></a></li><li class="sc-70fe2692-0 bITDbi"><a data-qa="Footer-Column0undefined" href="https://www.coinbase.com/learn/crypto-basics/what-is-bitcoin" class="cds-interactable-i9xooc6 cds-transparentChildren-tnzgr0o cds-transparent-tlx9nbb cds-focusRing-fd371rq cds-scaledDownState-sxr2bd6 cds-pressableResetStyles-p1yut83c" style="--interactable-border-radius:0px;--interactable-background:var(--transparent);--interactable-hovered-background:transparent;--interactable-hovered-opacity:0.88;--interactable-pressed-background:transparent;--interactable-pressed-opacity:0.82;--interactable-disabled-background:transparent"><span color="foregroundMuted" class="sc-70fe2692-0 sc-a5cfc943-2 cLhVcr bXiuvc">What is Bitcoin?</span></a></li><li class="sc-70fe2692-0 bITDbi"><a data-qa="Footer-Column0undefined" href="https://www.coinbase.com/learn/crypto-basics/what-is-cryptocurrency" class="cds-interactable-i9xooc6 cds-transparentChildren-tnzgr0o cds-transparent-tlx9nbb cds-focusRing-fd371rq cds-scaledDownState-sxr2bd6 cds-pressableResetStyles-p1yut83c" style="--interactable-border-radius:0px;--interactable-background:var(--transparent);--interactable-hovered-background:transparent;--interactable-hovered-opacity:0.88;--interactable-pressed-background:transparent;--interactable-pressed-opacity:0.82;--interactable-disabled-background:transparent"><span color="foregroundMuted" class="sc-70fe2692-0 sc-a5cfc943-2 cLhVcr bXiuvc">What is crypto?</span></a></li><li class="sc-70fe2692-0 bITDbi"><a data-qa="Footer-Column0undefined" href="https://www.coinbase.com/learn/crypto-basics/what-is-a-blockchain" class="cds-interactable-i9xooc6 cds-transparentChildren-tnzgr0o cds-transparent-tlx9nbb cds-focusRing-fd371rq cds-scaledDownState-sxr2bd6 cds-pressableResetStyles-p1yut83c" style="--interactable-border-radius:0px;--interactable-background:var(--transparent);--interactable-hovered-background:transparent;--interactable-hovered-opacity:0.88;--interactable-pressed-background:transparent;--interactable-pressed-opacity:0.82;--interactable-disabled-background:transparent"><span color="foregroundMuted" class="sc-70fe2692-0 sc-a5cfc943-2 cLhVcr bXiuvc">What is a blockchain?</span></a></li><li class="sc-70fe2692-0 bITDbi"><a data-qa="Footer-Column0undefined" href="https://www.coinbase.com/learn/tips-and-tutorials/how-to-set-up-a-crypto-wallet" class="cds-interactable-i9xooc6 cds-transparentChildren-tnzgr0o cds-transparent-tlx9nbb cds-focusRing-fd371rq cds-scaledDownState-sxr2bd6 cds-pressableResetStyles-p1yut83c" style="--interactable-border-radius:0px;--interactable-background:var(--transparent);--interactable-hovered-background:transparent;--interactable-hovered-opacity:0.88;--interactable-pressed-background:transparent;--interactable-pressed-opacity:0.82;--interactable-disabled-background:transparent"><span color="foregroundMuted" class="sc-70fe2692-0 sc-a5cfc943-2 cLhVcr bXiuvc">How to set up a crypto wallet</span></a></li><li class="sc-70fe2692-0 bITDbi"><a data-qa="Footer-Column0undefined" href="https://www.coinbase.com/learn/tips-and-tutorials/how-to-send-crypto" class="cds-interactable-i9xooc6 cds-transparentChildren-tnzgr0o cds-transparent-tlx9nbb cds-focusRing-fd371rq cds-scaledDownState-sxr2bd6 cds-pressableResetStyles-p1yut83c" style="--interactable-border-radius:0px;--interactable-background:var(--transparent);--interactable-hovered-background:transparent;--interactable-hovered-opacity:0.88;--interactable-pressed-background:transparent;--interactable-pressed-opacity:0.82;--interactable-disabled-background:transparent"><span color="foregroundMuted" class="sc-70fe2692-0 sc-a5cfc943-2 cLhVcr bXiuvc">How to send crypto</span></a></li><li class="sc-70fe2692-0 bITDbi"><a data-qa="Footer-Column0undefined" href="https://www.coinbase.com/learn/crypto-basics/understanding-crypto-taxes" class="cds-interactable-i9xooc6 cds-transparentChildren-tnzgr0o cds-transparent-tlx9nbb cds-focusRing-fd371rq cds-scaledDownState-sxr2bd6 cds-pressableResetStyles-p1yut83c" style="--interactable-border-radius:0px;--interactable-background:var(--transparent);--interactable-hovered-background:transparent;--interactable-hovered-opacity:0.88;--interactable-pressed-background:transparent;--interactable-pressed-opacity:0.82;--interactable-disabled-background:transparent"><span color="foregroundMuted" class="sc-70fe2692-0 sc-a5cfc943-2 cLhVcr bXiuvc">Taxes</span></a></li></ul></div></div><div class="cds-flex-f1e67903 sc-ac40e769-0 bXOBrv"><div class="sc-a5cfc943-0 imRKIn"><p color="gray80" class="sc-70fe2692-0 dRxNQj">Individuals</p><ul class="sc-ac40e769-0 sc-a5cfc943-1 YXQwN iNdZpF"><li class="sc-70fe2692-0 bITDbi"><a data-qa="Footer-Column1undefined" href="https://www.coinbase.com/dashboard" class="cds-interactable-i9xooc6 cds-transparentChildren-tnzgr0o cds-transparent-tlx9nbb cds-focusRing-fd371rq cds-scaledDownState-sxr2bd6 cds-pressableResetStyles-p1yut83c" style="--interactable-border-radius:0px;--interactable-background:var(--transparent);--interactable-hovered-background:transparent;--interactable-hovered-opacity:0.88;--interactable-pressed-background:transparent;--interactable-pressed-opacity:0.82;--interactable-disabled-background:transparent"><span color="foregroundMuted" class="sc-70fe2692-0 sc-a5cfc943-2 cLhVcr bXiuvc">Buy &amp; sell</span></a></li><li class="sc-70fe2692-0 bITDbi"><a data-qa="Footer-Column1undefined" href="https://www.coinbase.com/earn" class="cds-interactable-i9xooc6 cds-transparentChildren-tnzgr0o cds-transparent-tlx9nbb cds-focusRing-fd371rq cds-scaledDownState-sxr2bd6 cds-pressableResetStyles-p1yut83c" style="--interactable-border-radius:0px;--interactable-background:var(--transparent);--interactable-hovered-background:transparent;--interactable-hovered-opacity:0.88;--interactable-pressed-background:transparent;--interactable-pressed-opacity:0.82;--interactable-disabled-background:transparent"><span color="foregroundMuted" class="sc-70fe2692-0 sc-a5cfc943-2 cLhVcr bXiuvc">Earn free crypto</span></a></li><li class="sc-70fe2692-0 bITDbi"><a data-qa="Footer-Column1undefined" href="https://www.coinbase.com/wallet" class="cds-interactable-i9xooc6 cds-transparentChildren-tnzgr0o cds-transparent-tlx9nbb cds-focusRing-fd371rq cds-scaledDownState-sxr2bd6 cds-pressableResetStyles-p1yut83c" style="--interactable-border-radius:0px;--interactable-background:var(--transparent);--interactable-hovered-background:transparent;--interactable-hovered-opacity:0.88;--interactable-pressed-background:transparent;--interactable-pressed-opacity:0.82;--interactable-disabled-background:transparent"><span color="foregroundMuted" class="sc-70fe2692-0 sc-a5cfc943-2 cLhVcr bXiuvc">Wallet</span></a></li><li class="sc-70fe2692-0 bITDbi"><a data-qa="Footer-Column1undefined" href="https://nft.coinbase.com/" class="cds-interactable-i9xooc6 cds-transparentChildren-tnzgr0o cds-transparent-tlx9nbb cds-focusRing-fd371rq cds-scaledDownState-sxr2bd6 cds-pressableResetStyles-p1yut83c" style="--interactable-border-radius:0px;--interactable-background:var(--transparent);--interactable-hovered-background:transparent;--interactable-hovered-opacity:0.88;--interactable-pressed-background:transparent;--interactable-pressed-opacity:0.82;--interactable-disabled-background:transparent"><span color="foregroundMuted" class="sc-70fe2692-0 sc-a5cfc943-2 cLhVcr bXiuvc">NFT</span></a></li><li class="sc-70fe2692-0 bITDbi"><a data-qa="Footer-Column1undefined" href="https://www.coinbase.com/card" class="cds-interactable-i9xooc6 cds-transparentChildren-tnzgr0o cds-transparent-tlx9nbb cds-focusRing-fd371rq cds-scaledDownState-sxr2bd6 cds-pressableResetStyles-p1yut83c" style="--interactable-border-radius:0px;--interactable-background:var(--transparent);--interactable-hovered-background:transparent;--interactable-hovered-opacity:0.88;--interactable-pressed-background:transparent;--interactable-pressed-opacity:0.82;--interactable-disabled-background:transparent"><span color="foregroundMuted" class="sc-70fe2692-0 sc-a5cfc943-2 cLhVcr bXiuvc">Card</span></a></li><li class="sc-70fe2692-0 bITDbi"><a data-qa="Footer-Column1undefined" href="https://www.coinbase.com/derivatives" class="cds-interactable-i9xooc6 cds-transparentChildren-tnzgr0o cds-transparent-tlx9nbb cds-focusRing-fd371rq cds-scaledDownState-sxr2bd6 cds-pressableResetStyles-p1yut83c" style="--interactable-border-radius:0px;--interactable-background:var(--transparent);--interactable-hovered-background:transparent;--interactable-hovered-opacity:0.88;--interactable-pressed-background:transparent;--interactable-pressed-opacity:0.82;--interactable-disabled-background:transparent"><span color="foregroundMuted" class="sc-70fe2692-0 sc-a5cfc943-2 cLhVcr bXiuvc">Derivatives</span></a></li></ul></div><div class="sc-a5cfc943-0 imRKIn"><p color="gray80" class="sc-70fe2692-0 dRxNQj">Businesses</p><ul class="sc-ac40e769-0 sc-a5cfc943-1 YXQwN iNdZpF"><li class="sc-70fe2692-0 bITDbi"><a data-qa="Footer-Column1undefined" href="https://www.coinbase.com/institutional" class="cds-interactable-i9xooc6 cds-transparentChildren-tnzgr0o cds-transparent-tlx9nbb cds-focusRing-fd371rq cds-scaledDownState-sxr2bd6 cds-pressableResetStyles-p1yut83c" style="--interactable-border-radius:0px;--interactable-background:var(--transparent);--interactable-hovered-background:transparent;--interactable-hovered-opacity:0.88;--interactable-pressed-background:transparent;--interactable-pressed-opacity:0.82;--interactable-disabled-background:transparent"><span color="foregroundMuted" class="sc-70fe2692-0 sc-a5cfc943-2 cLhVcr bXiuvc">Institutional</span></a></li><li class="sc-70fe2692-0 bITDbi"><a data-qa="Footer-Column1undefined" href="https://www.coinbase.com/prime" class="cds-interactable-i9xooc6 cds-transparentChildren-tnzgr0o cds-transparent-tlx9nbb cds-focusRing-fd371rq cds-scaledDownState-sxr2bd6 cds-pressableResetStyles-p1yut83c" style="--interactable-border-radius:0px;--interactable-background:var(--transparent);--interactable-hovered-background:transparent;--interactable-hovered-opacity:0.88;--interactable-pressed-background:transparent;--interactable-pressed-opacity:0.82;--interactable-disabled-background:transparent"><span color="foregroundMuted" class="sc-70fe2692-0 sc-a5cfc943-2 cLhVcr bXiuvc">Prime</span></a></li><li class="sc-70fe2692-0 bITDbi"><a data-qa="Footer-Column1undefined" href="https://assethub.coinbase.com/" class="cds-interactable-i9xooc6 cds-transparentChildren-tnzgr0o cds-transparent-tlx9nbb cds-focusRing-fd371rq cds-scaledDownState-sxr2bd6 cds-pressableResetStyles-p1yut83c" style="--interactable-border-radius:0px;--interactable-background:var(--transparent);--interactable-hovered-background:transparent;--interactable-hovered-opacity:0.88;--interactable-pressed-background:transparent;--interactable-pressed-opacity:0.82;--interactable-disabled-background:transparent"><span color="foregroundMuted" class="sc-70fe2692-0 sc-a5cfc943-2 cLhVcr bXiuvc">Asset Hub</span></a></li><li class="sc-70fe2692-0 bITDbi"><a data-qa="Footer-Column1undefined" href="https://commerce.coinbase.com/" class="cds-interactable-i9xooc6 cds-transparentChildren-tnzgr0o cds-transparent-tlx9nbb cds-focusRing-fd371rq cds-scaledDownState-sxr2bd6 cds-pressableResetStyles-p1yut83c" style="--interactable-border-radius:0px;--interactable-background:var(--transparent);--interactable-hovered-background:transparent;--interactable-hovered-opacity:0.88;--interactable-pressed-background:transparent;--interactable-pressed-opacity:0.82;--interactable-disabled-background:transparent"><span color="foregroundMuted" class="sc-70fe2692-0 sc-a5cfc943-2 cLhVcr bXiuvc">Commerce</span></a></li></ul></div><div class="sc-a5cfc943-0 imRKIn"><p color="gray80" class="sc-70fe2692-0 dRxNQj">Developers</p><ul class="sc-ac40e769-0 sc-a5cfc943-1 YXQwN iNdZpF"><li class="sc-70fe2692-0 bITDbi"><a data-qa="Footer-Column1undefined" href="https://www.coinbase.com/cloud" class="cds-interactable-i9xooc6 cds-transparentChildren-tnzgr0o cds-transparent-tlx9nbb cds-focusRing-fd371rq cds-scaledDownState-sxr2bd6 cds-pressableResetStyles-p1yut83c" style="--interactable-border-radius:0px;--interactable-background:var(--transparent);--interactable-hovered-background:transparent;--interactable-hovered-opacity:0.88;--interactable-pressed-background:transparent;--interactable-pressed-opacity:0.82;--interactable-disabled-background:transparent"><span color="foregroundMuted" class="sc-70fe2692-0 sc-a5cfc943-2 cLhVcr bXiuvc">Cloud</span></a></li><li class="sc-70fe2692-0 bITDbi"><a data-qa="Footer-Column1undefined" href="https://docs.cloud.coinbase.com/wallet-sdk/docs" class="cds-interactable-i9xooc6 cds-transparentChildren-tnzgr0o cds-transparent-tlx9nbb cds-focusRing-fd371rq cds-scaledDownState-sxr2bd6 cds-pressableResetStyles-p1yut83c" style="--interactable-border-radius:0px;--interactable-background:var(--transparent);--interactable-hovered-background:transparent;--interactable-hovered-opacity:0.88;--interactable-pressed-background:transparent;--interactable-pressed-opacity:0.82;--interactable-disabled-background:transparent"><span color="foregroundMuted" class="sc-70fe2692-0 sc-a5cfc943-2 cLhVcr bXiuvc">Wallet SDK</span></a></li><li class="sc-70fe2692-0 bITDbi"><a data-qa="Footer-Column1undefined" href="http://www.coinbase.com/cloud/products/pay-sdk" class="cds-interactable-i9xooc6 cds-transparentChildren-tnzgr0o cds-transparent-tlx9nbb cds-focusRing-fd371rq cds-scaledDownState-sxr2bd6 cds-pressableResetStyles-p1yut83c" style="--interactable-border-radius:0px;--interactable-background:var(--transparent);--interactable-hovered-background:transparent;--interactable-hovered-opacity:0.88;--interactable-pressed-background:transparent;--interactable-pressed-opacity:0.82;--interactable-disabled-background:transparent"><span color="foregroundMuted" class="sc-70fe2692-0 sc-a5cfc943-2 cLhVcr bXiuvc">Pay SDK</span></a></li><li class="sc-70fe2692-0 bITDbi"><a data-qa="Footer-Column1undefined" href="https://www.coinbase.com/cloud/blockchain-infrastructure/query-and-transact" class="cds-interactable-i9xooc6 cds-transparentChildren-tnzgr0o cds-transparent-tlx9nbb cds-focusRing-fd371rq cds-scaledDownState-sxr2bd6 cds-pressableResetStyles-p1yut83c" style="--interactable-border-radius:0px;--interactable-background:var(--transparent);--interactable-hovered-background:transparent;--interactable-hovered-opacity:0.88;--interactable-pressed-background:transparent;--interactable-pressed-opacity:0.82;--interactable-disabled-background:transparent"><span color="foregroundMuted" class="sc-70fe2692-0 sc-a5cfc943-2 cLhVcr bXiuvc">Query &amp; Transact</span></a></li><li class="sc-70fe2692-0 bITDbi"><a data-qa="Footer-Column1undefined" href="https://docs.cloud.coinbase.com/commerce/docs" class="cds-interactable-i9xooc6 cds-transparentChildren-tnzgr0o cds-transparent-tlx9nbb cds-focusRing-fd371rq cds-scaledDownState-sxr2bd6 cds-pressableResetStyles-p1yut83c" style="--interactable-border-radius:0px;--interactable-background:var(--transparent);--interactable-hovered-background:transparent;--interactable-hovered-opacity:0.88;--interactable-pressed-background:transparent;--interactable-pressed-opacity:0.82;--interactable-disabled-background:transparent"><span color="foregroundMuted" class="sc-70fe2692-0 sc-a5cfc943-2 cLhVcr bXiuvc">Commerce</span></a></li><li class="sc-70fe2692-0 bITDbi"><a data-qa="Footer-Column1undefined" href="https://docs.cloud.coinbase.com/exchange/docs" class="cds-interactable-i9xooc6 cds-transparentChildren-tnzgr0o cds-transparent-tlx9nbb cds-focusRing-fd371rq cds-scaledDownState-sxr2bd6 cds-pressableResetStyles-p1yut83c" style="--interactable-border-radius:0px;--interactable-background:var(--transparent);--interactable-hovered-background:transparent;--interactable-hovered-opacity:0.88;--interactable-pressed-background:transparent;--interactable-pressed-opacity:0.82;--interactable-disabled-background:transparent"><span color="foregroundMuted" class="sc-70fe2692-0 sc-a5cfc943-2 cLhVcr bXiuvc">Exchange &amp; Pro</span></a></li><li class="sc-70fe2692-0 bITDbi"><a data-qa="Footer-Column1undefined" href="https://docs.cloud.coinbase.com/sign-in-with-coinbase/docs" class="cds-interactable-i9xooc6 cds-transparentChildren-tnzgr0o cds-transparent-tlx9nbb cds-focusRing-fd371rq cds-scaledDownState-sxr2bd6 cds-pressableResetStyles-p1yut83c" style="--interactable-border-radius:0px;--interactable-background:var(--transparent);--interactable-hovered-background:transparent;--interactable-hovered-opacity:0.88;--interactable-pressed-background:transparent;--interactable-pressed-opacity:0.82;--interactable-disabled-background:transparent"><span color="foregroundMuted" class="sc-70fe2692-0 sc-a5cfc943-2 cLhVcr bXiuvc">Sign in with Coinbase</span></a></li><li class="sc-70fe2692-0 bITDbi"><a data-qa="Footer-Column1undefined" href="https://docs.cloud.coinbase.com/rosetta/docs" class="cds-interactable-i9xooc6 cds-transparentChildren-tnzgr0o cds-transparent-tlx9nbb cds-focusRing-fd371rq cds-scaledDownState-sxr2bd6 cds-pressableResetStyles-p1yut83c" style="--interactable-border-radius:0px;--interactable-background:var(--transparent);--interactable-hovered-background:transparent;--interactable-hovered-opacity:0.88;--interactable-pressed-background:transparent;--interactable-pressed-opacity:0.82;--interactable-disabled-background:transparent"><span color="foregroundMuted" class="sc-70fe2692-0 sc-a5cfc943-2 cLhVcr bXiuvc">Rosetta</span></a></li><li class="sc-70fe2692-0 bITDbi"><a data-qa="Footer-Column1undefined" href="https://www.coinbase.com/cloud/blockchain-infrastructure/participate" class="cds-interactable-i9xooc6 cds-transparentChildren-tnzgr0o cds-transparent-tlx9nbb cds-focusRing-fd371rq cds-scaledDownState-sxr2bd6 cds-pressableResetStyles-p1yut83c" style="--interactable-border-radius:0px;--interactable-background:var(--transparent);--interactable-hovered-background:transparent;--interactable-hovered-opacity:0.88;--interactable-pressed-background:transparent;--interactable-pressed-opacity:0.82;--interactable-disabled-background:transparent"><span color="foregroundMuted" class="sc-70fe2692-0 sc-a5cfc943-2 cLhVcr bXiuvc">Participate</span></a></li><li class="sc-70fe2692-0 bITDbi"><a data-qa="Footer-Column1undefined" href="https://docs.cloud.coinbase.com/prime/docs" class="cds-interactable-i9xooc6 cds-transparentChildren-tnzgr0o cds-transparent-tlx9nbb cds-focusRing-fd371rq cds-scaledDownState-sxr2bd6 cds-pressableResetStyles-p1yut83c" style="--interactable-border-radius:0px;--interactable-background:var(--transparent);--interactable-hovered-background:transparent;--interactable-hovered-opacity:0.88;--interactable-pressed-background:transparent;--interactable-pressed-opacity:0.82;--interactable-disabled-background:transparent"><span color="foregroundMuted" class="sc-70fe2692-0 sc-a5cfc943-2 cLhVcr bXiuvc">Prime API</span></a></li></ul></div></div><div class="cds-flex-f1e67903 sc-ac40e769-0 bXOBrv"><div class="sc-a5cfc943-0 imRKIn"><p color="gray80" class="sc-70fe2692-0 dRxNQj">Support</p><ul class="sc-ac40e769-0 sc-a5cfc943-1 YXQwN iNdZpF"><li class="sc-70fe2692-0 bITDbi"><a data-qa="Footer-Column2undefined" href="https://help.coinbase.com/" class="cds-interactable-i9xooc6 cds-transparentChildren-tnzgr0o cds-transparent-tlx9nbb cds-focusRing-fd371rq cds-scaledDownState-sxr2bd6 cds-pressableResetStyles-p1yut83c" style="--interactable-border-radius:0px;--interactable-background:var(--transparent);--interactable-hovered-background:transparent;--interactable-hovered-opacity:0.88;--interactable-pressed-background:transparent;--interactable-pressed-opacity:0.82;--interactable-disabled-background:transparent"><span color="foregroundMuted" class="sc-70fe2692-0 sc-a5cfc943-2 cLhVcr bXiuvc">Help Center</span></a></li><li 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The sanctions exceed Treasury’s authority, harm innocent people, remove privacy and security options for crypto users, and stifle innovation.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"document"},"excerpt":"Coinbase is funding a lawsuit brought by six people challenging the U.S. Treasury Department’s sanctions of the Tornado Cash smart contracts and asking the Court to remove them from the U.S. sanctions list.","authors":[{"metadata":{"tags":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"c5bd0wqjc7v0"}},"id":"2SMFixdR45kTSO59QXMoXM","type":"Entry","createdAt":"2022-09-12T21:08:33.486Z","updatedAt":"2022-09-22T22:33:43.046Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"revision":30,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blogGlobalAuthor"}},"locale":"en"},"fields":{"authorName":"Brian Armstrong","authorTitle":"CEO, Coinbase","authorBioRichText":{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Brian Armstrong is the Chief Executive Officer and Co-founder of Coinbase. As CEO, Brian is responsible for Coinbase’s consumer and institutional arms, which offer an entire suite of products that make accessing cryptocurrencies easy and secure, in addition to new products that operate at the frontiers of crypto and blockchain. Before co-founding Coinbase, Brian worked as a Software Engineer at Airbnb. He holds three degrees from Rice University: Bachelor’s of Computer Science, Bachelor’s of Economics, and a Master’s of Computer Science.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"document"},"authorImage":{"metadata":{"tags":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"c5bd0wqjc7v0"}},"id":"4uuAroufuWLgiB7cCfqP1N","type":"Asset","createdAt":"2022-09-12T21:08:32.974Z","updatedAt":"2022-09-22T22:33:42.359Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"revision":30,"locale":"en"},"fields":{"title":"brian. - ceo","file":{"url":"//images.ctfassets.net/c5bd0wqjc7v0/4uuAroufuWLgiB7cCfqP1N/5730b72144143b6c64401d70d126ef57/Brian_Armstrong_photo.jpeg","details":{"size":21779,"image":{"width":401,"height":437}},"fileName":"Brian_Armstrong_photo.jpeg","contentType":"image/jpeg"}}}}}],"tags":[{"metadata":{"tags":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"c5bd0wqjc7v0"}},"id":"4AELzpBhNKOQXX8L9rfzdj","type":"Entry","createdAt":"2022-09-12T15:28:00.635Z","updatedAt":"2022-09-22T22:33:43.081Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"revision":34,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"globalTag"}},"locale":"en"},"fields":{"id":"policy","label":"Policy","type":"category"}}],"readTime":"4 min","title":"Defending Privacy in Crypto","image":{"metadata":{"tags":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"c5bd0wqjc7v0"}},"id":"7sQpKBTFWH495yQmLeIpFq","type":"Asset","createdAt":"2022-09-14T23:56:05.558Z","updatedAt":"2022-09-22T22:33:42.367Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"revision":7,"locale":"en"},"fields":{"title":"Defending Privacy in Crypto","description":"","file":{"url":"//images.ctfassets.net/c5bd0wqjc7v0/7sQpKBTFWH495yQmLeIpFq/17b867d2b4deb6926ed798c8060a220f/Defending_Privacy_in_Crypto.png","details":{"size":51266,"image":{"width":1760,"height":924}},"fileName":"Defending Privacy in Crypto.png","contentType":"image/png"}}},"imageFit":"cover","articleBody":{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Today we’re announcing that Coinbase is funding a lawsuit brought by six people challenging the United States Treasury Department’s sanctions of the Tornado Cash smart contracts and asking the Court to remove them from the U.S. sanctions list.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Tornado Cash is an open source piece of software running on the Ethereum blockchain that preserves privacy by allowing users to deposit assets from one crypto address and withdraw them using a different crypto address.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Last month, Treasury sanctioned the Tornado Cash software because it was being used by criminals — including North Korean hackers. We have no issue with the Treasury sanctioning bad actors and we take a hard stance against unlawful behavior. But in this case, Treasury went much further and took the unprecedented step of sanctioning an entire technology instead of specific individuals. The problem here is twofold: (1) there are legitimate applications for this type of technology and as a result of these sanctions, many innocent users now have their funds trapped and have lost access to a critical privacy tool, and (2) we believe the Treasury exceeded its authority, given by Congress, by sanctioning a technology.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"At Coinbase, we’ve been fighting illicit activity since the very beginning, and while we share Treasury’s commitment to fighting crime, we believe this action harms innocent people and threatens the future of decentralized finance (DeFi) and web3 specifically.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Treasury used a hammer instead of a scalpel","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"The nature of the blockchain — where every transaction is public — makes crypto more secure. But it can also create privacy concerns. If you receive your salary in crypto, for example, you might not want the world to know how much money you make, or how you choose to spend it.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"That’s why the individuals we’re supporting in this case used Tornado Cash in the first place:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"One person used Tornado Cash to anonymously donate money to Ukraine. Afterwards, his wallet received potentially malicious air drops. But because he anonymized his crypto before donating, he avoided attacks against his personal accounts. He has funds trapped in Tornado Cash.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Another person is an early crypto adopter with a large online presence and a public ENS name linked to his Twitter profile. He used Tornado Cash to protect his personal security while transacting. Now he also has funds trapped in Tornado Cash.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"A third person operates an Etherum staking business. At one point, a stranger working near where he engages in staking asked how much money he was earning. He started using Tornado Cash to protect his assets and his personal safety.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"Sanctioning open source software is like permanently shutting down a highway because robbers used it to flee a crime scene. It’s not the best way to solve a problem. It ends up punishing people who did nothing wrong and results in people having less privacy and security.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"We believe law abiding citizens have a right to privacy, especially with some of their most sensitive data: their finances.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Treasury acted outside its authority","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"The second problem is that, while Treasury is allowed to sanction people (along with their property), Congress never gave it the power to sanction open source software. That’s why these plaintiffs are going to court to ask that this software be removed from the U.S. sanctions list. You can read more about our legal argument ","nodeType":"text"},{"data":{"uri":"https://blog.coinbase.com/sanctions-should-target-bad-actors-not-technology-cb541ac6839a"},"content":[{"data":{},"marks":[],"value":"here","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":".","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"This will stifle innovation","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Finally, sanctioning open-source code has a chilling effect on innovation.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Right now, developers are worried that they could be held responsible for something they had nothing to do with, and no ability to control. At a time when we should be encouraging innovation, this kind of fear and uncertainty will do the opposite — making developers wonder if, by pushing the industry forward, they could be putting themselves at risk.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"As one of the largest companies in crypto, we have a responsibility to defend the crypto industry against actions that go too far, and treat crypto on an uneven playing field. It’s not enough to just say we disagree and sit on the sidelines. That’s why we’re funding and supporting this lawsuit.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"We will fully comply with the law while we await the court’s decision. But we’re hopeful that these sanctions will be reversed, allowing innocent crypto users to regain access to their funds and making it possible for anyone to use privacy tools to protect themselves.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"document"}}},"publicationDate":"2022-09-08T00:00-07:00"}},"podcasts":[{"metadata":{"tags":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"c5bd0wqjc7v0"}},"id":"4021xJIR79cMLm8D24oOt5","type":"Entry","createdAt":"2022-09-12T17:17:07.076Z","updatedAt":"2022-09-22T22:33:43.120Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"revision":31,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"globalTag"}},"locale":"en"},"fields":{"id":"around-the-block","label":"Around the Block","type":"topic"}},{"metadata":{"tags":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"c5bd0wqjc7v0"}},"id":"6GgNcVlYhyIm1TStF38Cvq","type":"Entry","createdAt":"2022-09-14T23:56:06.365Z","updatedAt":"2022-09-22T22:33:43.151Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"revision":17,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"globalTag"}},"locale":"en"},"fields":{"id":"BUIDLCrypto","label":"BUIDL Crypto","type":"topic"}}]}}},"extraProps":{"wayfindingRecentArticles":[{"metadata":{"tags":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"c5bd0wqjc7v0"}},"id":"31RxGi3KSmI7eU3EpbnQQ0","type":"Entry","createdAt":"2022-09-22T14:35:48.681Z","updatedAt":"2022-09-22T14:35:48.681Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"page"}},"locale":"en"},"fields":{"name":"Coinbase gains regulatory approval in the Netherlands","title":"Coinbase gains regulatory approval in the Netherlands 🇳🇱","slug":"coinbase-gains-regulatory-approval-in-the-netherlands","seo":{"metadata":{"tags":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"c5bd0wqjc7v0"}},"id":"6ITvTkW8mcv6yM8Uj7yoK6","type":"Entry","createdAt":"2022-09-22T14:35:48.750Z","updatedAt":"2022-09-22T14:35:48.750Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"seo"}},"locale":"en"},"fields":{"name":"Coinbase gains regulatory approval in the Netherlands 🇳🇱 - 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This registration will allow Coinbase to offer our full suite of retail, institutional, and ecosystem products to customers in the Netherlands. We are proud to be the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.dnb.nl/en/public-register/register-of-crypto-service-providers/?p=2\u0026l=10\u0026rc=V1dGVEFD\u0026an=QXJ0aWNsZSAyM2IuIFByb3ZpZGVycyBlbmdhZ2VkIGluIGV4Y2hhbmdlIHNlcnZpY2VzIGJldHdlZW4gdmlydHVhbCBjdXJyZW5jaWVzIGFuZCBmaWF0IGN1cnJlbmNpZXM"},"content":[{"nodeType":"text","value":"first major global crypto exchange to receive DNB registration approval","marks":[],"data":{}}]},{"nodeType":"text","value":" — a significant milestone in Coinbase’s continued international expansion.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Coinbase views regulation of the industry as an “enabler” for crypto’s growth, setting clear ground rules that will create an environment which encourages innovation and strengthens trust in the sector from both the public and policymakers.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"“","marks":[],"data":{}},{"nodeType":"text","value":"As part of Coinbase’s ambition to be the world’s most trusted and secure crypto platform, we have taken strides to work collaboratively with government, policymakers and regulators to shape the future in a responsible way. Coinbase prides itself on being a compliance-led business","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":". ","marks":[],"data":{}},{"nodeType":"text","value":"The Netherlands is a critical international market for crypto, and I am really excited for Coinbase to bring the potential of the crypto economy to the market here,”","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" said Nana Murugesan, Vice President, International and Business Development at Coinbase.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Coinbase serves customers across almost 40 European countries through dedicated hubs in Ireland, the UK, and Germany. Additional registrations or license applications are in progress in several major markets, in compliance with local regulations.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"* * *","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Coinbase Europe Limited and Coinbase Custody International Ltd are listed in DNB’s public register as a crypto service provider. DNB supervises Coinbase Europe Limited and Coinbase Custody International Ltd in compliance with the Anti-Money Laundering and Anti-Terrorist Financing Act (Wet ter voorkoming van witwassen en financiering van terrorisme — Wwft) and the Sanctions Act (Sanctiewet 1977 — Sw). The crypto services of Coinbase are not subject to prudential supervision by DNB or conduct supervision by the AFM. 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In fact, one of the competitive strengths of our Institutional Prime platform is our agency only trading model, where we act only on behalf of our clients. As a result, our incentives and our clients’ incentives are aligned by design.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Coinbase does, from time to time, purchase cryptocurrency as principal, including for our corporate treasury and operational purposes*. We do not view this as proprietary trading because its purpose is not for Coinbase to benefit from short-term increases in value of the cryptocurrency being traded.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Expanding institutional participation in web3 beyond HODLing","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"As more institutions have become interested in investing in crypto, we are rolling out new solutions to help. One way we intend to serve our institutional clients is through a small newly formed team called Coinbase Risk Solutions (CRS).","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"CRS offers solutions to sophisticated institutional investors who seek exposure to the crypto asset class. 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This means building an identity experience that’s intuitive, forgiving, and trustworthy, combining the best of web2 and web3. Our first step is to make it easy for anyone to claim a web3 (ENS) username for free, but there’s more work to be done.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"document"},"authors":[{"metadata":{"tags":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"c5bd0wqjc7v0"}},"id":"2XuTtGuwOVTYAWwgmnaEdw","type":"Entry","createdAt":"2022-09-18T04:05:48.013Z","updatedAt":"2022-09-18T04:05:48.013Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blogGlobalAuthor"}},"locale":"en"},"fields":{"authorName":"Alex Reeve","authorTitle":"Identity Product Lead"}}],"tags":[{"metadata":{"tags":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"c5bd0wqjc7v0"}},"id":"4AELzpBhNKOQXX8L9rfzdj","type":"Entry","createdAt":"2022-09-12T15:28:00.635Z","updatedAt":"2022-09-22T22:33:43.081Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"revision":34,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"globalTag"}},"locale":"en"},"fields":{"id":"policy","label":"Policy","type":"category"}}],"readTime":"5 min","title":"What Web3 Identity Needs","image":{"metadata":{"tags":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"c5bd0wqjc7v0"}},"id":"60zftTzhgKus63nTU7Zjl2","type":"Asset","createdAt":"2022-09-22T14:57:34.965Z","updatedAt":"2022-09-22T14:57:34.965Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"revision":1,"locale":"en"},"fields":{"title":"1*RV0FHUmSR5FsLFLIDZo_fQ.png","file":{"url":"//images.ctfassets.net/c5bd0wqjc7v0/60zftTzhgKus63nTU7Zjl2/fa42a18be5ff288a1452c040065bb4e5/1_RV0FHUmSR5FsLFLIDZo_fQ.png","details":{"size":45409,"image":{"width":1100,"height":618}},"fileName":"1*RV0FHUmSR5FsLFLIDZo_fQ.png","contentType":"image/png"}}},"imageFit":"cover","articleBody":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you’ve used crypto, you’ve probably experienced the anxiety that comes from sending tokens or NFTs to intimidating 42-character addresses like 0x2133a64a3bE8B64827B26B08e166d0b478bd09D3. To make this easier, we worked with ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://ens.domains/"},"content":[{"nodeType":"text","value":"Ethereum Name Service","marks":[],"data":{}}]},{"nodeType":"text","value":" (ENS) to allow users to claim “name.cb.id” usernames using Coinbase Wallet’s browser extension.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In order to create an open financial system for the world, we need to ensure that people from all walks of life can use web3. Fostering adoption of a human-readable username standard is a key part of making web3 user-friendly for everyone. With this feature, anyone can now claim a free “name.cb.id” web3 username to send and receive crypto (instead of using 42-character addresses), engage with others, and to use as the foundation of their web3 identity.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While this is an important milestone, your username is only part of your online identity. There are other identity-related gaps to fill before web3 is usable by billions of people. While web3 has early promise, it’s often unintuitive, and it lacks viable ways of conveying and assessing trust and legitimacy. To fill these gaps, we need to combine the convenience of web2 with the privacy, security, and control of web3.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What is identity? Why does it matter?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When you create an account or sign in to a product, you’re using your identity to gain access. Identity is how products and platforms represent people, manage access and authorization, and assess trust. Identity has three core parts:","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"1. Representation: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"how you’re represented as a user (e.g. your username and profile).","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"2. Access:","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" proving that you’re the owner of said identity (e.g. signing in) to get access to the product.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"3. Authorization: ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"determining what you’re allowed to access based on who you are.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With web3 today, you’re ","marks":[],"data":{}},{"nodeType":"text","value":"represented ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"by a wallet address or username like nick.eth or nick.cb.id. You ","marks":[],"data":{}},{"nodeType":"text","value":"access","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" web3 by using your seed phrase to configure your wallet or recover access to your wallet. Specific tokens or NFTs can ","marks":[],"data":{}},{"nodeType":"text","value":"authorize ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"you to access exclusive communities, merchandise drops, and more.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Hasn’t web2 already solved this problem?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Web2 companies have invested heavily in developing intuitive and convenient identity products. But the cracks in web2 identity are starting to show: the need to manage multiple accounts and passwords; having to fend off relentless spam; and the insidious lack of privacy, security, and control.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Many of us have exchanged privacy, security, and control for convenience. We only become aware of web2’s downsides when we’re impacted by a data breach, organizational overreach, or loss of access. But in today’s world, these events are becoming inevitabilities.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What does web3 need to thrive?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Basic customer needs are the same for web2 and web3 identity. The difference is how","marks":[],"data":{}},{"nodeType":"text","value":" ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"they’re met. Web2 is centralized, providing convenience and flexibility at the cost of privacy, security, and control. Web3 is trustless and decentralized, but it has usability gaps. For web3 to thrive, we need to combine the best of both (flexibility and usability without sacrificing privacy, security or control) and create an experience that’s:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Intuitive. ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"It needs to be easy for every user to transact and engage with others through human-readable usernames rather than intimidating 42-character addresses.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Forgiving. ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Every user needs security, and they need a way to recover access without being reliant on safely storing a sensitive recovery phrase — where a single mistake can cost someone their livelihood.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Trustworthy. ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"People need to be able to understand whether the person or app they’re interacting with is trustworthy, and apps and people need tools to demonstrate trust to others.","marks":[],"data":{}}]}]}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"c5bd0wqjc7v0"}},"id":"6wTlQdztwdoU0WbFlvCIOx","type":"Asset","createdAt":"2022-09-22T14:57:34.976Z","updatedAt":"2022-09-22T14:57:34.976Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"revision":1,"locale":"en"},"fields":{"title":"web1 -\u003e web2 -\u003e web3","description":"","file":{"url":"//images.ctfassets.net/c5bd0wqjc7v0/6wTlQdztwdoU0WbFlvCIOx/cd853a99d9e26219cc2c193ed683444b/1_5zRffVar6KJGabwJgCGcyA.png","details":{"size":32766,"image":{"width":1100,"height":618}},"fileName":"1*5zRffVar6KJGabwJgCGcyA.png","contentType":"image/png"}}}},"content":[]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Evolving web3 identity","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Web3 has the opportunity to address many of web2’s flaws. With crypto, you control the keys to your identity and your security is in your own hands. But let’s be realistic: web3 as it exists today is intimidating. So what do we, the web3 community, need to build to make the benefits of web3 available to everyone?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"An identity for the user.","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We need to make it easy to define and manage portable, interoperable, human-readable usernames that sit on rich, customizable public identities ranging from anonymous to fully public. Users should be able to maintain multiple identities for different contexts (e.g. one for work and one for gaming).","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Tools to help everyone stay secure and feel secure.","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Today, web3 violates one of the cardinal laws of security in that our identities are vulnerable to a single point of failure: the recovery phrase. A compromised app, device, or a social engineering attack can lead to identity theft. Multi-factor authentication (MFA) is the quintessential web2 example, and web3 will need an equivalent solution that can protect every user.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Recovery for when something goes wrong.","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We’ve all forgotten a password at some point, and we shouldn’t expect recovery phrases to be any different. We can’t scale an ecosystem where losing a recovery phrase can cost someone access to their livelihood — users need ways of regaining access. Products like social recovery or the multi-party computation (MPC) technology that powers ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://blog.coinbase.com/access-web3-with-the-coinbase-app-2b804c0aee8a"},"content":[{"nodeType":"text","value":"Coinbase’s dapp wallet","marks":[],"data":{}}]},{"nodeType":"text","value":" are creating more forgiving experiences that can enable broader web3 adoption.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Signals for trust and legitimacy.","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Passports only work because governments attest to their legitimacy. The utility of web3 identity will also rely on trusted parties attesting to the legitimacy of an identity. Users will need ways of collecting, managing, and communicating “attestations” that validate their credentials and legitimacy. Applications will need ways of both issuing and verifying the legitimacy of a user’s identity and credentials.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Interoperability across web2 and web3.","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over time, the concepts of “web2” and “web3” will blur and users who are later on the adoption curve won’t see a clear difference between the two. They will expect to be able to seamlessly access both “web2” and “web3” from a single identity and set of credentials, and we need to enable that experience. Similarly, we need to provide users with a chain-agnostic identity that they can use across all of web3.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Building identity for web3","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Building a robust web3 identity layer will require deep focus from strong teams that can build and iterate rapidly. This will often mean building and refining locally before scaling globally (and in a decentralized way). Coinbase and organizations like us need to embrace this long-term vision from the start: open source, open standards, and close collaboration with the broader web3 ecosystem.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Most importantly, we can’t lose sight of the core promise of web3 identity. We need to build in a way that prioritizes privacy, security, and control for the user while being intuitive, forgiving, and trustworthy.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We’ve started this journey with organizations like ENS and ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.circle.com/en/verite"},"content":[{"nodeType":"text","value":"Verite","marks":[],"data":{}}]},{"nodeType":"text","value":" to enable a free web3 identity (cb.id) for everyone, and we’ll continue expanding our identity offerings. Watch this space: this is only the beginning of an exciting new chapter for identity and web3 for Coinbase and for the web3 community at large.","marks":[],"data":{}}]}]}}},"publicationDate":"2022-09-20T00:00-07:00"}},{"metadata":{"tags":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"c5bd0wqjc7v0"}},"id":"7GAcLlDmAcE17gxTFCMc9A","type":"Entry","createdAt":"2022-09-22T14:20:21.308Z","updatedAt":"2022-09-22T14:20:21.308Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"page"}},"locale":"en"},"fields":{"name":"Coinbase Exchange fee updates — September 2022","title":"Coinbase Exchange fee updates — September 2022","slug":"coinbase-exchange-fee-updates-september-2022","seo":{"metadata":{"tags":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"c5bd0wqjc7v0"}},"id":"3rXSZ6jXIDHWVJiBmTy7zo","type":"Entry","createdAt":"2022-09-22T14:20:21.347Z","updatedAt":"2022-09-22T14:20:21.347Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"seo"}},"locale":"en"},"fields":{"name":"Coinbase Exchange fee updates — September 2022 - 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The attack was the result of a Border Gateway Protocol (BGP) announcement that appeared to originate from the QuickHostUk (AS-209243) hosting provider which itself may be a victim. BGP hijacking is a unique attack vector exploiting weakness and trust relationships in the Internet’s core routing architecture. It was used earlier this year to target other cryptocurrency projects such as ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://medium.com/s2wblog/post-mortem-of-klayswap-incident-through-bgp-hijacking-en-3ed7e33de600"},"content":[{"nodeType":"text","value":"KLAYswap","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Unlike the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://blog.coinbase.com/nomad-bridge-incident-analysis-899b425b0f34"},"content":[{"nodeType":"text","value":"Nomad Bridge compromise","marks":[],"data":{}}]},{"nodeType":"text","value":" on August 1, 2022, front-end hijacking primarily targeted users of the Celer platform dapp as opposed to the project’s liquidity pools. In this case, Celer UI users with assets on Ethereum, BSC, Polygon, Optimism, Fantom, Arbitrum, Avalanche, Metis, Astar, and Aurora networks were presented with specially crafted smart contracts designed to steal their funds.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While the Celer bridge compromise does not directly affect Coinbase, we strongly believe that","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://blog.coinbase.com/how-coinbase-responds-to-industry-wide-crypto-security-threats-ad2c8a5da1f5"},"content":[{"nodeType":"text","value":" attacks on any crypto business are bad for the industry as a whole","marks":[],"data":{}}]},{"nodeType":"text","value":" and hope the information in the blog will help strengthen and inform similar projects and their users about threats and techniques used by malicious actors.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If any dapps or service providers think they’ve been impacted by a frontend hijack like this, please reach out to us at ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"mailto:security@coinbase.com"},"content":[{"nodeType":"text","value":"security@coinbase.com","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Impact","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ethereum users suffered the largest monetary losses with a single victim losing $156K USD. The largest number of victims on a single network were using BSC, while users of other chains like Avalanche and Metis suffered no losses.","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"c5bd0wqjc7v0"}},"id":"5Zumh6l8mDRDv1Q1tsUxQb","type":"Asset","createdAt":"2022-09-16T22:06:12.719Z","updatedAt":"2022-09-21T19:05:11.433Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"revision":3,"locale":"en"},"fields":{"title":"Network impact","description":"","file":{"url":"//images.ctfassets.net/c5bd0wqjc7v0/5Zumh6l8mDRDv1Q1tsUxQb/55416d6c488e156aa897adaa4758bedd/1_1TwkdWo3YmTyW0_VQC2ehQ.png","details":{"size":121680,"image":{"width":540,"height":526}},"fileName":"1*1TwkdWo3YmTyW0_VQC2ehQ.png","contentType":"image/png"}}}},"content":[]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Compromise Analysis","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The attacker performed initial preparation on August 12, 2022 by deploying a series of malicious smart contracts on Ethereum, Binance Smart Chain (BSC), Polygon, Optimism, Fantom, Arbitrum, Avalanche, Metis, Astar, and Aurora networks. Preparation for the BGP route hijacking took place on August 16th, 2022 and culminated with the attack on August 17, 2022 by taking over a subdomain responsible for serving dapp users with the latest bridge contract addresses and lasted for approximately 3 hours. The attack stopped shortly after the announcement by the Celer team, at which point the attacker started moving funds to Tornado Cash.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The following sections explore each of the attack stages in more detail as well as the Incident Timeline which follows the attacker over the 7 day period.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"BGP Hijacking Analysis","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The attack targeted the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://cbridge-prod2.celer.network/"},"content":[{"nodeType":"text","value":"cbridge-prod2.celer.network","marks":[],"data":{}}]},{"nodeType":"text","value":" subdomain which hosted critical smart contract configuration data for the Celer Bridge user interface (UI). Prior to the attack cbridge-prod2.celer.network (44.235.216.69) was served by AS-16509 (Amazon) with a 44.224.0.0/11 route.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"On August 16, 2022 17:21:13 UTC, a malicious actor created routing registry entries for MAINT-QUICKHOSTUK and added a 44.235.216.0/24 route to the Internet Routing Registry (IRR) in preparation for the attack:","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"c5bd0wqjc7v0"}},"id":"15FZHGf1awuVMuQqxibq85","type":"Asset","createdAt":"2022-09-16T22:06:12.733Z","updatedAt":"2022-09-21T19:05:11.440Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"revision":3,"locale":"en"},"fields":{"title":"Pre-attack router configuration","description":"","file":{"url":"//images.ctfassets.net/c5bd0wqjc7v0/15FZHGf1awuVMuQqxibq85/5d561f22844fbdc0cd41041435d408c8/1_qmbfpC8_bEjPH0JhXvkWFQ.png","details":{"size":263846,"image":{"width":996,"height":746}},"fileName":"1*qmbfpC8_bEjPH0JhXvkWFQ.png","contentType":"image/png"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Figure 1 — Pre-attack router configuration (source: ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://seclists.org/nanog/2022/Aug/236"},"content":[{"nodeType":"text","value":"Misaka NRTM log","marks":[{"type":"italic"}],"data":{}}]},{"nodeType":"text","value":" by Siyuan Miao)","marks":[{"type":"italic"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Starting on August 17, 2022 19:39:50 UTC a new route started propagating for the more specific 44.235.216.0/24 route with a different origin AS-14618 (Amazon) than before, and a new upstream AS-209243 (QuickHostUk):","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"c5bd0wqjc7v0"}},"id":"4h1c2q0oVwDvxd5KDF3y59","type":"Asset","createdAt":"2022-09-16T22:06:12.743Z","updatedAt":"2022-09-21T19:05:11.448Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"revision":3,"locale":"en"},"fields":{"title":"Malicious route announcement","description":"","file":{"url":"//images.ctfassets.net/c5bd0wqjc7v0/4h1c2q0oVwDvxd5KDF3y59/cf735060173562b1ce0441701f6c110a/1_4AL1K_4wSVt4DZUR6n_AEw.png","details":{"size":54353,"image":{"width":974,"height":322}},"fileName":"1*4AL1K_4wSVt4DZUR6n_AEw.png","contentType":"image/png"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Figure 2 — Malicious route announcement (source: ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.ripe.net/analyse/internet-measurements/routing-information-service-ris/archive/ris-raw-data"},"content":[{"nodeType":"text","value":"RIPE Raw Data Archive","marks":[{"type":"italic"}],"data":{}}]},{"nodeType":"text","value":")","marks":[{"type":"italic"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Since 44.235.216.0/24 is a more specific path than 44.224.0.0/11 traffic destined for cbridge-prod2.celer.network started flowing through the AS-209243 (QuickHostUk) which replaced key smart contract parameters described in the Malicious Dapp Analysis section below.","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"c5bd0wqjc7v0"}},"id":"1WLiV4I8fjPtDKUTLu3r61","type":"Asset","createdAt":"2022-09-16T22:06:12.751Z","updatedAt":"2022-09-21T19:05:11.455Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"revision":3,"locale":"en"},"fields":{"title":"Network map after BGP hijacking","description":"","file":{"url":"//images.ctfassets.net/c5bd0wqjc7v0/1WLiV4I8fjPtDKUTLu3r61/9099e3798c37d31a7cb4eb382f01b365/0_fHSNPjWyUWs9CO_7","details":{"size":12142495,"image":{"width":680,"height":394}},"fileName":"0*fHSNPjWyUWs9CO_7","contentType":"image/gif"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Figure 3 — Network map after BGP hijacking (source: ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://stat.ripe.net/app/use-cases/prefix/bgplay/S1_44.235.216.0%252F24_bgplay_TMR672"},"content":[{"nodeType":"text","value":"RIPE","marks":[{"type":"italic"}],"data":{}}]},{"nodeType":"text","value":")","marks":[{"type":"italic"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In order to intercept rerouted traffic, the attacker created a valid certificate for the target domain first observed at ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://crt.sh/?id=7356184952"},"content":[{"nodeType":"text","value":"2022–08–17 19:42 UTC","marks":[],"data":{}}]},{"nodeType":"text","value":" using GoGetSSL, an SSL certificate provider based in Latvia. [","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://search.censys.io/certificates/a01a34fe398e56d80bdda40efb555d14654856b5faa6c92bfebef2861d712732"},"content":[{"nodeType":"text","value":"1","marks":[],"data":{}}]},{"nodeType":"text","value":"] [","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://search.censys.io/certificates/579fabee3a9f7efecd43c99795744c4b93dc49a4fb93e174b201f8a333990c1a"},"content":[{"nodeType":"text","value":"2","marks":[],"data":{}}]},{"nodeType":"text","value":"]","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"c5bd0wqjc7v0"}},"id":"4Xs1cfkKDbHmCfbTfN4txi","type":"Asset","createdAt":"2022-09-16T22:06:12.759Z","updatedAt":"2022-09-21T19:05:11.463Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"revision":3,"locale":"en"},"fields":{"title":"Malicious certificate","description":"","file":{"url":"//images.ctfassets.net/c5bd0wqjc7v0/4Xs1cfkKDbHmCfbTfN4txi/a1c940143ccc2f942c149a5d4fceb026/0_9OmHnKgb8SAkkIRj","details":{"size":114846,"image":{"width":1050,"height":413}},"fileName":"0*9OmHnKgb8SAkkIRj","contentType":"image/png"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Figure 4 -Malicious certificate (source: Censys)","marks":[{"type":"italic"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Prior to the attack, Celer ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://crt.sh/?q=celer.network"},"content":[{"nodeType":"text","value":"used SSL certificates issued by Let’s Encrypt and Amazon","marks":[],"data":{}}]},{"nodeType":"text","value":" for its domains.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"On August 17, 2022 20:22:12 UTC the malicious route was withdrawn by multiple Autonomous Systems (ASs):","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"c5bd0wqjc7v0"}},"id":"nM118B6O0BI1M2mAEi8oh","type":"Asset","createdAt":"2022-09-16T22:06:12.766Z","updatedAt":"2022-09-21T19:05:11.471Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"revision":3,"locale":"en"},"fields":{"title":"Malicious route withdrawal","description":"","file":{"url":"//images.ctfassets.net/c5bd0wqjc7v0/nM118B6O0BI1M2mAEi8oh/dde4a96d3b821d82b0e2cbecc7493f17/1_VcpuNhM9hofPXPX22re_ZA.png","details":{"size":46599,"image":{"width":982,"height":210}},"fileName":"1*VcpuNhM9hofPXPX22re_ZA.png","contentType":"image/png"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Figure 5 — Malicious route withdrawal (source: ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.ripe.net/analyse/internet-measurements/routing-information-service-ris/archive/ris-raw-data"},"content":[{"nodeType":"text","value":"RIPE Raw Data Archive","marks":[{"type":"italic"}],"data":{}}]},{"nodeType":"text","value":")","marks":[{"type":"italic"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Shortly after at 23:08:47 UTC Amazon announced 44.235.216.0/24 to reclaim hijacked traffic:","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"c5bd0wqjc7v0"}},"id":"6y2ZbYsrutgsADrNlqJj2A","type":"Asset","createdAt":"2022-09-16T22:06:12.775Z","updatedAt":"2022-09-21T19:05:11.478Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"revision":3,"locale":"en"},"fields":{"title":"Amazon claiming hijacked route","description":"","file":{"url":"//images.ctfassets.net/c5bd0wqjc7v0/6y2ZbYsrutgsADrNlqJj2A/2638a25b10397429108bae1b2734d6e5/1_rcH_Grvc4dvcOuQCfL5yig.png","details":{"size":80642,"image":{"width":992,"height":318}},"fileName":"1*rcH_Grvc4dvcOuQCfL5yig.png","contentType":"image/png"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Figure 6 — Amazon claiming hijacked route (source: ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.ripe.net/analyse/internet-measurements/routing-information-service-ris/archive/ris-raw-data"},"content":[{"nodeType":"text","value":"RIPE Raw Data Archive","marks":[{"type":"italic"}],"data":{}}]},{"nodeType":"text","value":")","marks":[{"type":"italic"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://ftmscan.com/tx/0x246c6e14891182cf0dfda3a2e509874306b464680f9853f72c12194c4c5e8451"},"content":[{"nodeType":"text","value":"first set of funds stolen","marks":[],"data":{}}]},{"nodeType":"text","value":" through a phishing contract occurred at 2022–08–17 19:51 UTC on the Fantom network and continued until 2022–08–17 21:49 UTC when ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://bscscan.com/tx/0x390bde97ffa6b9bb731f98f9ec560396f45e6a221b758cb75b4c76dd3430c3c1"},"content":[{"nodeType":"text","value":"the last user lost ","marks":[],"data":{}}]},{"nodeType":"text","value":"assets on the BSC network which aligns with the above timeline concerning the project’s network infrastructure.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Malicious Dapp Analysis","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The attack targeted a smart contract configuration resource hosted on ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://cbridge-prod2.celer.network/"},"content":[{"nodeType":"text","value":"cbridge-prod2.celer.network","marks":[],"data":{}}]},{"nodeType":"text","value":" such as ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://cbridge-prod2.celer.network/v1/getTransferConfigsForAll"},"content":[{"nodeType":"text","value":"https://cbridge-prod2.celer.network/v1/getTransferConfigsForAll","marks":[],"data":{}}]},{"nodeType":"text","value":" holding per chain bridge contract addresses. Modifying any of the bridge addresses would result in a victim approving and/or sending assets to a malicious contract. Below is a sample modified entry redirecting Ethereum users to use a malicious contract ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://etherscan.io/address/0x2A2aA50450811Ae589847D670cB913dF763318E8"},"content":[{"nodeType":"text","value":"0x2A2a…18E8","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"c5bd0wqjc7v0"}},"id":"4wnW96chxnaELFnixAIxFH","type":"Asset","createdAt":"2022-09-16T22:06:12.783Z","updatedAt":"2022-09-21T19:05:11.485Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"revision":3,"locale":"en"},"fields":{"title":"Sample Celer Bridge configuration","description":"","file":{"url":"//images.ctfassets.net/c5bd0wqjc7v0/4wnW96chxnaELFnixAIxFH/a52486821a708ec796acb2076bdb72e4/1_V-r-zPIiUGjketN_N2nEqQ.png","details":{"size":109689,"image":{"width":968,"height":460}},"fileName":"1*V-r-zPIiUGjketN_N2nEqQ.png","contentType":"image/png"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Figure 7 — Sample Celer Bridge configuration (source: Coinbase TI analysis)","marks":[{"type":"italic"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"See","marks":[],"data":{}},{"nodeType":"text","value":" Appendix A ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"fora comprehensive listing of malicious contracts created by attackers.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Phishing Contract Analysis","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The phishing contract closely resembles the official Celer Bridge contract by mimicking many of its attributes. For any method not explicitly defined in the phishing contract, it implements a proxy structure which forwards calls to the legitimate Celer Bridge contract. The proxied contract is unique to each chain and is configured on initialization. The command below illustrates the contents of the storage slot responsible for the phishing contract’s proxy configuration:","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"c5bd0wqjc7v0"}},"id":"4oLkajIYZMvDTizJxaFLdC","type":"Asset","createdAt":"2022-09-16T22:06:12.823Z","updatedAt":"2022-09-21T19:05:11.493Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"revision":3,"locale":"en"},"fields":{"title":"Phishing smart contract proxy storage","description":"","file":{"url":"//images.ctfassets.net/c5bd0wqjc7v0/4oLkajIYZMvDTizJxaFLdC/7aaf3951aa5f9c7c24da81fb7d20a6c2/1_KvwxpeA2X7O8JbtESEUz8g.png","details":{"size":54969,"image":{"width":964,"height":124}},"fileName":"1*KvwxpeA2X7O8JbtESEUz8g.png","contentType":"image/png"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Figure 8 — Phishing smart contract proxy storage (source: Coinbase TI analysis)","marks":[{"type":"italic"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The phishing contract steals users’ funds using two approaches:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Any tokens approved by phishing victims are drained using a custom method with a 4byte value 0x9c307de6()","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The phishing contract overrides the following methods designed to immediately steal a victim’s tokens:","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"send()- used to steal tokens (e.g. USDC)","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"sendNative() — used to steal native assets (e.g. ETH)","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"addLiquidity()- used to steal tokens (e.g. USDC)","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"addNativeLiquidity() — used to steal native assets (e.g. ETH)","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Below is a sample reverse engineered snippet which redirects assets to the attacker wallet:","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"c5bd0wqjc7v0"}},"id":"3Ot9P9kjOlmNerRVffgXxY","type":"Asset","createdAt":"2022-09-16T22:06:12.831Z","updatedAt":"2022-09-21T19:05:11.500Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"revision":3,"locale":"en"},"fields":{"title":"Phishing smart contract snippet","description":"","file":{"url":"//images.ctfassets.net/c5bd0wqjc7v0/3Ot9P9kjOlmNerRVffgXxY/fa52505d5ba9a9816fc1f3b0c4b293d8/1_g1x4Skuoik-BcKL0iQZvPQ.png","details":{"size":75961,"image":{"width":982,"height":258}},"fileName":"1*g1x4Skuoik-BcKL0iQZvPQ.png","contentType":"image/png"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Figure 9 — Phishing smart contract snippet (source: Coinbase TI analysis)","marks":[{"type":"italic"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"See ","marks":[],"data":{}},{"nodeType":"text","value":"Appendix B","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" for the complete reverse engineered source code.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Swapping and Obfuscating Funds","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"During and immediately following the attack:","marks":[],"data":{}}]},{"nodeType":"ordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The attacker swapped stolen tokens on Curve, Uniswap, TraderJoe, AuroraSwap, and other chain-specific DEXs into each chain’s native assets or wrapped ETH.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The attacker bridged all assets from Step 1 to Ethereum.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The attacker then proceeded to swap the remaining tokens on Uniswap to ETH.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Finally, the attacker sent 127 ETH at 2022–08–17 22:33 UTC and another 1.4 ETH at 2022–08–18 01:01 UTC to Tornado Cash.","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Following the steps outlined above, the attacker 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We believe that exploits like these can be mitigated and ultimately prevented. Besides making codebases open source for the public to review, we recommend frequent protocol audits, implementation of bug bounty programs, and partnering with security researchers. Although this exploit was a difficult learning experience for those affected, we believe that understanding how the exploit occurred can only help further mature our industry.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We understand that trust is built on dependable security — which is why we make protecting your account \u0026 your digital assets our number one priority. 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The lawsuit explains that OFAC exceeded its authority from Congress and the President in sanctioning open source technology, rather than sanctioning the bad actors who used it or the property of those bad actors.","marks":[],"data":{}}]}]},"authors":[{"metadata":{"tags":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"c5bd0wqjc7v0"}},"id":"4yiQVjXVHav9rzp51xIDR9","type":"Entry","createdAt":"2022-09-17T17:15:40.058Z","updatedAt":"2022-09-22T05:53:49.301Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"revision":13,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blogGlobalAuthor"}},"locale":"en"},"fields":{"authorName":"Paul Grewal","authorTitle":"Chief Legal Officer","authorBioRichText":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Paul Grewal is the Chief Legal Officer of Coinbase where he is responsible\nfor Coinbase’s legal, compliance, global intelligence, risk management and government\nrelations groups. Before joining Coinbase, Paul was Vice President and Deputy General Counsel at Facebook. Prior to Facebook, Paul served as United States Magistrate Judge for the\nNorthern District of California. Paul was previously a partner at Howrey LLP, where his practice focused on intellectual property litigation. Paul served as a law clerk to Federal Circuit Judge Arthur J. Gajarsa and United States District Judge Sam H. Bell. He received his JD from the University of Chicago Law School and his BS in Civil and Environmental Engineering from the Massachusetts Institute of Technology.","marks":[],"data":{}}]}]},"authorImage":{"metadata":{"tags":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"c5bd0wqjc7v0"}},"id":"78ILI6gUZXnyoHSsSR3utV","type":"Asset","createdAt":"2022-09-17T17:15:39.583Z","updatedAt":"2022-09-22T05:53:48.908Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"revision":13,"locale":"en"},"fields":{"title":"Paul Grewal","description":"","file":{"url":"//images.ctfassets.net/c5bd0wqjc7v0/78ILI6gUZXnyoHSsSR3utV/deb53b82d3caa25fa436c2de4ae5d2b4/Paul_Grewal_photo.png","details":{"size":1050824,"image":{"width":1300,"height":1220}},"fileName":"Paul Grewal photo.png","contentType":"image/png"}}}}}],"tags":[{"metadata":{"tags":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"c5bd0wqjc7v0"}},"id":"4AELzpBhNKOQXX8L9rfzdj","type":"Entry","createdAt":"2022-09-12T15:28:00.635Z","updatedAt":"2022-09-22T22:33:43.081Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"revision":34,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"globalTag"}},"locale":"en"},"fields":{"id":"policy","label":"Policy","type":"category"}}],"readTime":"7 min","title":"Sanctions Should Target Bad Actors. Not Technology.","image":{"metadata":{"tags":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"c5bd0wqjc7v0"}},"id":"22Jm3BytQ8tNySApqZ0tWj","type":"Asset","createdAt":"2022-09-21T00:46:35.336Z","updatedAt":"2022-09-21T19:05:47.090Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"revision":2,"locale":"en"},"fields":{"title":"Sanctions Should Target Bad Actors. Not Technology.","description":"","file":{"url":"//images.ctfassets.net/c5bd0wqjc7v0/22Jm3BytQ8tNySApqZ0tWj/838916d74675708f9517b9ed10ac8da9/Sanctions_Should_Target_Bad_Actors._Not_Technology..png","details":{"size":41406,"image":{"width":1760,"height":924}},"fileName":"Sanctions Should Target Bad Actors. Not Technology..png","contentType":"image/png"}}},"imageFit":"cover","articleBody":{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Today, Brian Armstrong ","nodeType":"text"},{"data":{"uri":"https://blog.coinbase.com/defending-privacy-in-crypto-e09db33dece8"},"content":[{"data":{},"marks":[],"value":"shared","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" why Coinbase is funding and supporting a challenge by six individuals (including two Coinbase employees) against the Treasury Department’s novel ","nodeType":"text"},{"data":{"uri":"https://home.treasury.gov/news/press-releases/jy0916"},"content":[{"data":{},"marks":[],"value":"sanctions","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" of open source software associated with Tornado Cash. I wanted to take a moment to share a little more detail about this legal action. At its core, this legal challenge is about how the Treasury Department exceeded the authority Congress and the President granted it in sanctioning open source technology, rather than sanctioning the bad actors who used it or the property of those bad actors. No one wants criminals to use crypto protocols, but blocking the technology entirely (which is what this sanction essentially does) is not what the people’s elected representatives authorized — especially when there are effective routes to more narrowly target bad actors. These sanctions represent a significant unauthorized expansion of OFAC’s authority, and they have harmed innocent people seeking to legitimately protect their privacy and security using this technology, as the stories of these six individuals make clear.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Tornado Cash Sanctions","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"On August 8, 2022, Treasury’s Office of Foreign Assets Control (“OFAC”) sanctioned Tornado Cash, an open source software project that uses smart contracts to allow users to send assets privately on the Ethereum network. As part of this action, OFAC added to its Specially Designated Nationals and Blocked Persons List (“SDN List”) Tornado Cash’s smart contracts, which are publicly available, open source tools that anyone can access to send assets from their private accounts and withdraw them to a different crypto address. Smart contracts are essentially code that is not controlled by any individual or group and is executed by the Ethereum network according to strict rules that cannot be modified.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"While prior OFAC sanctions against individuals or entities sometimes listed crypto addresses owned or controlled by these bad actors, OFAC has never before sanctioned an open source technology like the Tornado Cash smart contracts. For example, when OFAC ","nodeType":"text"},{"data":{"uri":"https://home.treasury.gov/news/press-releases/sm774"},"content":[{"data":{},"marks":[],"value":"sanctioned","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" the North Korean Lazarus Group, it added eight Ethereum addresses to the sanctions list — each were accounts controlled by the Group where they held their assets.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"In this case, by adding the Tornado Cash smart contracts to its SDN List, OFAC made it illegal for any U.S. person to use this privacy protocol — banning this technology for all.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"OFAC Exceeded Its Authority From Congress and the President in Sanctioning Open Source Technology","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Federal agencies, like the Treasury Department, ultimately get their authority to act from the people’s representatives in Congress, which enacts legislation defining an agency’s powers. When operating, federal agencies must act within the bounds of that Congressionally defined authority. If an agency’s action exceeds those powers, Congress has also authorized courts to review that action, with the remedy being to set aside the unlawful action. These challenges are critical to preventing executive overreach and ensuring agency action stays within the bounds of what the people’s representatives in Congress allowed.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Applying these principles here, Congress passed the International Emergency Economic Powers Act (“IEEPA”), authorizing the President to freeze the assets of, and prohibit transactions with, any person determined to be a threat to the United States, and the President delegated this power to Treasury to issue sanctions. However, this delegated power only authorizes OFAC to target persons or their property.*","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"We are supporting the legal challenge to the Tornado Cash action because the Tornado Cash smart contracts are ","nodeType":"text"},{"data":{},"marks":[{"type":"italic"}],"value":"neither","nodeType":"text"},{"data":{},"marks":[],"value":" person nor property. This means OFAC exceeded its authority from Congress when it recently added these to the SDN List — effectively banning the technology for all U.S. persons. The outcome sought by this challenge is to have OFAC remove these crypto addresses associated with software from its SDN List, so that U.S. persons can once again use this privacy technology.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"First, at the risk of stating the obvious, Tornado Cash open source smart contracts are not persons. They are lines of code, not humans, corporations, or organizations. Tornado Cash’s smart contracts enable a user to deposit tokens from one crypto address and later withdraw those same tokens to a different crypto address, and are executed ","nodeType":"text"},{"data":{},"marks":[{"type":"italic"}],"value":"automatically","nodeType":"text"},{"data":{},"marks":[],"value":" without human intervention. They are a privacy tool, a technology, that is neither human nor an entity.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Second, and for similar reasons, the Tornado Cash smart contracts are also not property. The ordinary meaning of “property” is something owned, a possession, or a tangible or intangible item that someone has legal title to possess.** The smart contracts are non-proprietary, open source code not controlled by any individual or group. Instead, they are simply programs that run on the Ethereum network according to preset rules that cannot be changed or altered. In the case of the Tornado Cash smart contracts, anyone in the world can send ETH to these contracts, which will then run according to preset instructions that neither the original developers of the code nor those sending or receiving funds can change. When an individual uses these smart contracts, they never turn over control of their assets to another individual or group and assets are not commingled or mixed; they simply use the privacy code to send and then withdraw their assets.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"These Novel Sanctions Harmed Innocent Individuals and Threaten the Critical Development of Crypto Privacy Protocols","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Unlike in traditional finance, ETH transactions are transparently recorded on the Ethereum blockchain. That means anyone with a computer can view the transaction history and balances associated with a particular user’s address. So, when users send ETH from their address to a recipient’s address, anyone can use a public blockchain explorer to look up that sender’s prior transactions, learn about their spending habits, and check their account balance.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"While this transparency is important for auditability and verification, it poses privacy challenges for Ethereum users who reasonably want to protect their personal financial information. For the same reasons that you’d be reluctant to publicly share all your private bank statements that detail your spending history, a person who receives their salary in ETH does not necessarily want everyone knowing how much they make or how they spend their funds.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"The Tornado Cash privacy protocol allowed users to regain that privacy. Using smart contracts, a user could deposit assets from one crypto address and withdraw crypto assets to a completely different address, severing the otherwise clear connection to their prior transactions. Once withdrawn, the user could transfer those assets without fear of exposing their entire financial history or net worth to third party strangers. The plaintiffs in this lawsuit represent a cross section of crypto users and developers who used Tornado Cash to protect their privacy and security for various legitimate reasons — from wanting to safely donate to Ukraine war relief without risk of Russian retaliation, to concealing salary deposits that would show how much they earn, to preventing malicious actors from targeting their homes to try to steal large quantities of crypto assets held in their wallets. By creating new, private crypto addresses when sending funds to strangers, these plaintiffs could avoid disclosing their personal accounts, which they use to hold their assets and send personal transactions.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"In this way, crypto privacy protocols are not only critical to the development of the crypto ecosystem, they are an important tool to protect individuals against hackers and thieves who may otherwise target owners of crypto addresses that hold significant assets. The sanctions against Tornado Cash have not only blocked this open source technology to U.S. persons, but cryptographers and developers have also been scared away from contributing to other important privacy projects, fearful that their code will be sanctioned in the future.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Coinbase is Committed to Combating Illicit Finance and Supports Reasonable Regulations and Action Against Bad Actors","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Coinbase is fully committed to combating illicit activity and sanctions evasion. We regularly partner with and advise law enforcement and regulators on a range of cryptocurrency topics, support critical law enforcement investigations, and respond to many thousands of subpoenas a year. We fully support OFAC’s overarching national security objectives and greatly appreciate the important work it does to sanction bad actors and block the property those actors control. However, in the Tornado Cash action, OFAC did not target the bad actors or the property controlled by those actors; instead, it took the unprecedented step of sanctioning open source technology — a tool legitimately used by many innocent people even if also by some bad actors. We do not believe Congress authorized this, and for good reason. After all, we do not shut down email or the internet code because among its many users are some criminals. That is why we are funding and supporting this challenge by six crypto users seeking to regain critical tools needed to protect their privacy and security.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"*50 U.S.C. § 1702(a)(1)(B).\n**American Heritage Dictionary of the English Language 1412.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"document"}}},"publicationDate":"2022-09-08T00:00-07:00"}},{"metadata":{"tags":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"c5bd0wqjc7v0"}},"id":"4gDf5hCKXNE7grYYQx1823","type":"Entry","createdAt":"2022-09-09T15:35:08.463Z","updatedAt":"2022-09-21T19:06:52.082Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"revision":2,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"page"}},"locale":"en"},"fields":{"name":"Real-time reconciliation with Overseer","title":"Real-time reconciliation with Overseer","slug":"real-time-reconciliation-with-overseer","seo":{"metadata":{"tags":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"c5bd0wqjc7v0"}},"id":"4m20xIkr1ODmGlTOuxhaSY","type":"Entry","createdAt":"2022-09-09T15:35:08.487Z","updatedAt":"2022-09-21T19:06:52.127Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"revision":2,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"seo"}},"locale":"en"},"fields":{"name":"Real-time reconciliation with Overseer - 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At Coinbase, this is an important problem for us as many transactions flow through our microservices every day and we need to ensure that these systems agree on a given transaction. In this blog post, we’ll deep-dive into Overseer, the system Coinbase created to provide us with the ability to perform real-time reconciliation.","marks":[],"data":{}}]}]},"authors":[{"metadata":{"tags":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"c5bd0wqjc7v0"}},"id":"3mJ9ILz8Dlgw4ZbTFJiaqv","type":"Entry","createdAt":"2022-09-09T15:35:08.881Z","updatedAt":"2022-09-21T19:06:52.887Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"revision":3,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blogGlobalAuthor"}},"locale":"en"},"fields":{"authorName":"Cedric Cordenier","authorTitle":"Senior Software Engineer"}}],"tags":[{"metadata":{"tags":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"c5bd0wqjc7v0"}},"id":"62jjtn16BeyP88OZpvXMCa","type":"Entry","createdAt":"2022-09-09T15:35:08.911Z","updatedAt":"2022-09-22T06:02:22.038Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"revision":33,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"globalTag"}},"locale":"en"},"fields":{"id":"engineering","label":"Engineering","type":"topic"}}],"readTime":"9 min","title":"Real-time reconciliation with Overseer","image":{"metadata":{"tags":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"c5bd0wqjc7v0"}},"id":"6YFKDXBkl7clvROfYyY772","type":"Asset","createdAt":"2022-09-21T00:43:45.873Z","updatedAt":"2022-09-21T19:06:51.973Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"revision":2,"locale":"en"},"fields":{"title":"Real-time reconciliation with Overseer","description":"","file":{"url":"//images.ctfassets.net/c5bd0wqjc7v0/6YFKDXBkl7clvROfYyY772/065df7d0f768852950ff992ebf1a92ba/Real-time_reconciliation_with_Overseer.png","details":{"size":50983,"image":{"width":1760,"height":924}},"fileName":"Real-time reconciliation with Overseer.png","contentType":"image/png"}}},"imageFit":"cover","articleBody":{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Every day, transactions are processed by Coinbase’s payments infrastructure. Processing each of these transactions successfully means completing a complex workflow involving multiple microservices. These microservices range from “front-office” services, such as the product frontend and backend, to “back-office” services such as our internal ledger, to the systems responsible for interacting with our banking partners or executing the transaction on chain.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"All of the systems involved in processing a transaction store some state relating to it, and we need to ensure that they agree on what happened to the transaction. To solve this coordination problem, we use orchestration engines like ","nodeType":"text"},{"data":{"uri":"https://cadenceworkflow.io/"},"content":[{"data":{},"marks":[],"value":"Cadence","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" and techniques such as retries and idempotency to ensure that the transactions are eventually executed correctly.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Despite this effort, the systems occasionally disagree on what happened, preventing the transaction from completing. The causes of this blockage are varied, ranging from bugs to outages affecting the systems involved in processing. Historically, unblocking these transactions has involved significant operational toil, and our infrastructure to tackle this problem has been imperfect.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"In particular, our systems have lacked an exhaustive and immutable record of all of the actions taken when processing a transaction, including actions taken during incident remediation, and been unable to verify the consistency of a transaction holistically across the entire range of systems involved in real time. Our existing process relied on ETL pipelines which meant delays of up to 24 hours to be able to access recent transaction data.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"To solve this problem, we created Overseer, a system to perform near real-time reconciliation of distributed systems. Overseer has been designed with the following in mind:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"italic"}],"value":"Extensibility","nodeType":"text"},{"data":{},"marks":[],"value":": Writing a new check is as simple as writing a function, and adding a new data source is a matter of configuration in the average case. This makes it easy for new teams to onboard checks onto the platform that is Overseer.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"italic"}],"value":"Scalability","nodeType":"text"},{"data":{},"marks":[],"value":": As of today, our internal metrics show that Overseer is capable of handling more than 30k messages per second.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"italic"}],"value":"Accuracy","nodeType":"text"},{"data":{},"marks":[],"value":": Overseer travels through time and intelligently delays running a check for a short time to compensate for delays in receiving data, thus reducing the number of false negatives.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"italic"}],"value":"Near real-time","nodeType":"text"},{"data":{},"marks":[],"value":": Overseer has a time to detect (TTD) of less than 1 minute on average.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"Architecture","nodeType":"text"}],"nodeType":"heading-2"},{"data":{"target":{"metadata":{"tags":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"c5bd0wqjc7v0"}},"id":"1FlMO8XG0EaqRPdfh4qqDf","type":"Asset","createdAt":"2022-09-09T15:35:08.437Z","updatedAt":"2022-09-21T19:06:51.984Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"revision":3,"locale":"en"},"fields":{"title":"The architecture of Overseer consists of the three services","description":"","file":{"url":"//images.ctfassets.net/c5bd0wqjc7v0/1FlMO8XG0EaqRPdfh4qqDf/9d7d4267ccdc9782c942ab93b6a9d4a4/0_Kl4TAR7ymfQYYZXC","details":{"size":32546,"image":{"width":943,"height":467}},"fileName":"0*Kl4TAR7ymfQYYZXC","contentType":"image/png"}}}},"content":[],"nodeType":"embedded-asset-block"},{"data":{},"content":[{"data":{},"marks":[],"value":"At a high-level, the architecture of Overseer consists of the three services pictured above:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"The ","nodeType":"text"},{"data":{},"marks":[{"type":"italic"}],"value":"ingestion service ","nodeType":"text"},{"data":{},"marks":[],"value":"is how any new data enters Overseer. The service is responsible for receiving update notifications from the databases which Overseer is subscribed, storing the update in S3, and notifying the upstream processors runner service (PRS) of the update.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"The ","nodeType":"text"},{"data":{},"marks":[{"type":"italic"}],"value":"data access layer ","nodeType":"text"},{"data":{},"marks":[],"value":"service (DAL) is how services access the data stored in S3. Each update is stored as a single, immutable, object in S3 and the DAL is responsible for aggregating the updates into a canonical view of a record at a given point in time. This also serves as the semantic layer on top of S3 by translating data from its at-rest representation — which makes no assumptions about the schema or format of the data — into protobufs, and by defining the join relationships necessary to stitch multiple related records into a data view.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"The ","nodeType":"text"},{"data":{},"marks":[{"type":"italic"}],"value":"processors runner service ","nodeType":"text"},{"data":{},"marks":[],"value":"(PRS) receives these notifications and determines which checks — also known as processors — are applicable to the notification. Before running the check, it calls the ","nodeType":"text"},{"data":{},"marks":[{"type":"italic"}],"value":"data access layer ","nodeType":"text"},{"data":{},"marks":[],"value":"service to fetch the data view required to perform the check.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"The Ingestion Service","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"A predominant design goal of the ingestion service is to support any format of incoming data. As we look to integrate Overseer into all of Coinbase systems in the future, it is crucial that the platform is built to easily and efficiently add new data sources.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Our typical pattern for receiving events from upstream data sources is to tail its database’s WAL (write-ahead log). We chose this approach for a few reasons:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Coinbase has a small number of database technologies that are considered “paved road”, so by supporting the data format emitted by the WAL, we can make it easy to onboard the majority of our services.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Tailing the WAL also ensures a high level of data fidelity as we are replicating directly what’s in the database. This eliminates a class of errors which the alternative — to have upstream data sources emit change events at the application level — would expose us to.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"The ingestion service is able to support any data format due to how data is stored and later received. When the ingestion service receives an update, it creates two artifacts — the update document and the master document.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"The ","nodeType":"text"},{"data":{},"marks":[{"type":"italic"}],"value":"update document ","nodeType":"text"},{"data":{},"marks":[],"value":"contains the update event exactly as we received it from the upstream source, in its original format (protobuf bytes, JSON, BSON, etc) and adds metadata such as the unique identifier for the record being modified.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"The ","nodeType":"text"},{"data":{},"marks":[{"type":"italic"}],"value":"master document ","nodeType":"text"},{"data":{},"marks":[],"value":"aggregates all of the references found in updates belonging to a single database model. Together, these documents serve as an index Overseer can use to join records together.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"When the ingestion service receives an update for a record, it extracts these references and either creates a master document with the references (if the event is an insert event), or updates an existing master document with any new references (if the event is an update event). In other words, ingesting a new data format is just a matter of storing the raw event and extracting its metadata, such as the record identifier, or any references it has to other records.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"To achieve this, the ingestion service has the concept of a consumer abstraction. Consumers translate a given input format into the two artifacts we mentioned above and can onboard new data sources, through configuration, to tie the data source to a consumer to use at runtime.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"However, this is just one part of the equation. The ability to store arbitrary data is only useful if we can later retrieve it and give it some semantic meaning. This is where the Data Access Layer (DAL) is useful.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"DAL, Overseer’s semantic layer","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"To understand the role played by DAL, let’s examine a typical update event from the perspective of a hypothetical Toy model, which has the schema described below:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"code"}],"value":"type Toy struct {\n    Type string\n    Color string\n    Id string\n}","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"blockquote"},{"data":{},"content":[{"data":{},"marks":[],"value":"We’ll further assume that our Toy model is hosted in a MongoDB collection, such that change events will have the raw format described ","nodeType":"text"},{"data":{"uri":"https://www.mongodb.com/docs/manual/reference/change-events/#change-events-1"},"content":[{"data":{},"marks":[],"value":"here","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":". For our example Toy record, we’ve recorded two events, namely an event creating it, and a subsequent update. The first event looks approximately like this, with some irrelevant details or field elided:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"code"}],"value":"{\n    \"_id\": \"22914ec8-4687-4428-8cab-e0fd21c6b3b6\",\n    \"fullDocument\": {\n        \"type\": \"watergun\",\n        \"color\": \"blue\",\n     },\n     \"clusterTime\": 1658224073,\n}","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"blockquote"},{"data":{},"content":[{"data":{},"marks":[],"value":"And, the second, like this:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"code"}],"value":"{\n    \"_id\": \"22914ec8-4687-4428-8cab-e0fd21c6b3b6\",\n    \"updateDescription\": {\n        \"updatedFields\": {\n            \"type\": \"balloon\",\n        },\n     },\n     \"clusterTime\": 1658224074,\n}","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"blockquote"},{"data":{},"content":[{"data":{},"marks":[],"value":"We mentioned earlier that DAL serves as the semantic layer on top of Overseer’s storage. This means it performs three functions with respect to this data:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"italic"}],"value":"Time travel: ","nodeType":"text"},{"data":{},"marks":[],"value":"retrieving the updates belonging to a record up to a given timestamp. In our example, this could mean retrieving either the first or both of these updates.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"italic"}],"value":"Aggregation: ","nodeType":"text"},{"data":{},"marks":[],"value":"transforming the updates into a view of the record at a point in time, and serializing this into DAL’s output format, protobufs.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"In our case, the updates above can be transformed to describe the record at two points in time, namely after the first update, and after the second update. If we were interested in knowing what the record looked like on creation, we would transform the updates by fetching the first update’s “fullDocument” field. This would result in the following:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"code"}],"value":"proto.Toy{\n    Type: \"watergun\",\n    Id: \"22914ec8-4687-4428-8cab-e0fd21c6b3b6\",\n    Color: \"blue\",\n}","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"blockquote"},{"data":{},"content":[{"data":{},"marks":[],"value":"However, if we wanted to know what the record would look like after the second update, we would instead take the “fullDocument” of the initial update and apply the contents of the “updateDescription” field of subsequent updates. This would yield:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"code"}],"value":"proto.Toy{\n    Type: \"balloon\",\n    Id: \"22914ec8-4687-4428-8cab-e0fd21c6b3b6\",\n    Color: \"blue\",\n}","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"blockquote"},{"data":{},"content":[{"data":{},"marks":[],"value":"This example contains two important insights:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"First, the algorithm required to aggregate updates depends on the input format of the data. Accordingly, DAL encapsulates the aggregation logic for each type of input data, and has aggregators (called “builders”) for all of the formats we support, such as Mongo or Postgres for example.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Second, aggregating updates is a stateless process. In an earlier version of Overseer, the ingestion service was responsible for generating the latest state of a model in addition to storing the raw update event. This was performant but led to significantly reduced developer velocity, since any errors in our aggregators required a costly backfill to correct.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"Exposing data views","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Checks running in Overseer operate on arbitrary data views. Depending on the needs of the check being performed, these views can contain a single record or multiple records joined together. In the latter case, DAL provides the ability to identify sibling records by querying the collection of master records built by the ingestion service.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"PRS, a platform for running checks","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"As we mentioned previously, Overseer was designed to be easily extensible, and nowhere is this more important than in the design of the PRS. From the outset, our design goal was to make adding a new check as easy as writing a function, while retaining the flexibility to handle the variety of use cases Overseer was intended to serve.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"A check is any function which performs the following two functions:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"It makes assertions when given data. A check can declare which data it needs by accepting a data view provided by DAL as a function argument.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"It specifies an escalation policy: i.e. given a failing assertion, it makes a decision on how to proceed. This could be as simple as emitting a log, or creating an incident in PagerDuty, or performing any other action decided by the owner of the check.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"ordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"Keeping checks this simple facilitates onboarding — testing is particularly easy as a check is just a function which accepts some inputs and emits some side effects — but requires PRS to handle a lot of complexity automatically. To understand this complexity, it’s helpful to gain an overview of the lifecycle of an update notification inside Overseer. In the architecture overview at the beginning of this post, we saw how updates are stored by the ingestion service in S3 and how the ingestion service emits a notification to PRS via an events topic. 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around 90% never get considered for listing as they do not meet our strict requirements for protection against scams like “pump-and-dumps” and “rug pulls.”","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Our proprietary threat detection software has identified and blocked over 700 tokens with malicious software that can harm Coinbase users.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"We also conduct in-depth research on project teams to ensure they don’t have a record of engaging in questionable business practices.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"document"},"authors":[{"metadata":{"tags":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"c5bd0wqjc7v0"}},"id":"1ZWHC51sP1jfnmFoYAs0Jd","type":"Entry","createdAt":"2022-09-09T15:40:22.414Z","updatedAt":"2022-09-21T19:01:31.641Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"revision":5,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blogGlobalAuthor"}},"locale":"en"},"fields":{"authorName":"Dan Kim","authorTitle":"Vice President, Business Development — Ecosystem and Listings"}}],"tags":[{"metadata":{"tags":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"c5bd0wqjc7v0"}},"id":"32kgdoAUDSHUrRhOyRthnT","type":"Entry","createdAt":"2022-09-09T15:40:22.444Z","updatedAt":"2022-09-23T18:40:51.634Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"revision":130,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"globalTag"}},"locale":"en"},"fields":{"id":"product","label":"Product","type":"category"}}],"readTime":"4 min","title":"How Coinbase Protects Users From Risky Assets","image":{"metadata":{"tags":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"c5bd0wqjc7v0"}},"id":"2ThUMomqbVRgIFWSGP4Uge","type":"Asset","createdAt":"2022-09-21T00:47:23.758Z","updatedAt":"2022-09-21T19:01:31.154Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"revision":4,"locale":"en"},"fields":{"title":"How Coinbase Protects Users From Risky Assets","description":"","file":{"url":"//images.ctfassets.net/c5bd0wqjc7v0/2ThUMomqbVRgIFWSGP4Uge/52e860ad413901ede1a64292bf85aee9/How_Coinbase_Protects_Users_From_Risky_Assets.png","details":{"size":20376,"image":{"width":1760,"height":924}},"fileName":"How Coinbase Protects Users From Risky Assets.png","contentType":"image/png"}}},"imageFit":"cover","articleBody":{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"In order to get the next 100 million people into web3, we need to make it easy to buy, sell, and hold the safest and most reputable catalog of digital assets, and further solidify Coinbase as the most trusted bridge to the cryptoeconomy. We also need to make sure users are protected.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"That’s why our goal at Coinbase is to list every asset that meets our industry-leading standards for risk, safety, and user protection: If an asset doesn’t meet those standards, we don’t list it.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"We only announce the assets we have decided to list — not the ones that fail to meet our standards. But we’ve heard from many of you that you’d like to learn more about how we decide which assets are added to our ","nodeType":"text"},{"data":{"uri":"https://blog.coinbase.com/increasing-transparency-for-new-asset-listings-on-coinbase-e06f2edb095e"},"content":[{"data":{},"marks":[],"value":"roadmap","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":".","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"How Coinbase reviews digital assets","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"We review assets based on applications submitted by project teams on ","nodeType":"text"},{"data":{"uri":"https://www.coinbase.com/assethub"},"content":[{"data":{},"marks":[],"value":"Coinbase Asset Hub","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":", as well as the thousands of other projects we track across the global web3 ecosystem.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"The order in which we sequence asset reviews is not based on whether we think a project is popular or interesting. Our framework is much more objective and nuanced, and includes factors such as the legitimacy of a project’s white paper, integrity of their contributors, details of how their token works, and engagement levels of their user and developer communities. We only consider listing those assets that meet our rigorous guidelines for legality, safety, reputability, and technical integrability.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"We do not list the majority of the tokens that we review. In fact, out of every 100 tokens we consider, only around 10 are identified as potential candidates for Coinbase Exchange, and fewer than that actually get approved for listing.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Today we’re sharing more details about the industry-leading tools, systems and methods we use to protect our users from dangerous digital assets.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"How our threat detection software keeps users safe","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Blockchain technology is constantly evolving, so any asset review system must be able to adapt with those changes.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"That’s why Coinbase developed our proprietary ","nodeType":"text"},{"data":{},"marks":[{"type":"italic"}],"value":"secure trait analyzer","nodeType":"text"},{"data":{},"marks":[],"value":", a safety-first, threat detection software that informs us if a token is designed in a way that can harm you or your crypto.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Our software automatically reviews tokens on all the blockchains we support, and identifies those programmed with software (also known as ","nodeType":"text"},{"data":{},"marks":[{"type":"italic"}],"value":"smart contracts","nodeType":"text"},{"data":{},"marks":[],"value":") that can potentially harm Coinbase customers. The secure trait analyzer works by detecting specific patterns in smart contracts (which we call ","nodeType":"text"},{"data":{},"marks":[{"type":"italic"}],"value":"code signatures","nodeType":"text"},{"data":{},"marks":[],"value":"), and comparing them against our database of code signatures from previously analyzed smart contracts. The more smart contracts we review, the faster we’ll be able to distinguish the safer tokens from the riskier ones.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"So far, our Listings team has used this automated system to identify over 700 tokens that didn’t meet our security standards due to critical risks, such as single individuals being able to automatically seize users’ funds or unilaterally drain account balances. The proprietary software has also helped us detect dangerous backdoor vulnerabilities — like those that can be used for rug pulls, in nearly one out of every four smart contracts we’ve reviewed.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Whenever we find things that aren’t safe, we ask project teams to take the appropriate measures to mitigate those risks. If they don’t, we don’t list their tokens.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Added security from comprehensive research","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"In addition to screening smart contracts with our threat detection software, we also conduct other types of detailed due diligence to protect our users.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"That includes in-depth research into the project’s purpose, milestones, and key contributors to make sure we’re complying with regulations and identifying any potential connections to illicit activity.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"To capture the most comprehensive view of all assets we consider for listing, we also perform on-chain and off-chain analyses of quantitative and qualitative signals — things like historical token prices and trading volume, ownership and vesting schedules, investment and financing history, market capitalization, community sentiment, technical roadmap, and information about how tokens are earned, burned, and distributed.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Digging deeper: Protecting users from bad actors","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Beyond our security reviews, we take other important steps to protect our customers from scams.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Earlier this year, we implemented a fraud detection framework that expands our ability to identify even more factors that could potentially harm Coinbase customers. This analysis is specifically designed to evaluate consumer and business risks that might not show up when we review project whitepapers or analyze token smart contracts — things like key project contributors with a record of shady business practices or confirmed allegations of pump-and-dumps.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Since implementing this additional layer of protection, the Listings team has identified nearly 100 projects with tokens that we perceive to be high risk and have chosen not to list.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Coinbase is the most trusted platform for buying, selling, and exchanging digital assets. While we aim to list as many assets as we legally can, our priority is to protect our users. 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Block","type":"topic"}}],"readTime":"9 min","title":"A simple guide to the web3 developer stack","image":{"metadata":{"tags":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"c5bd0wqjc7v0"}},"id":"wVI8rv1fWJ4ZcMahi46Sm","type":"Asset","createdAt":"2022-09-17T17:17:25.246Z","updatedAt":"2022-09-17T17:17:25.246Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"revision":1,"locale":"en"},"fields":{"title":"Around the Block - 09.2022","description":"","file":{"url":"//images.ctfassets.net/c5bd0wqjc7v0/wVI8rv1fWJ4ZcMahi46Sm/85bc61cf15634a954501d7374e7940c6/1_T4Z0aDWbBmMgkVDj8u9MZQ.png","details":{"size":21789,"image":{"width":1050,"height":600}},"fileName":"1*T4Z0aDWbBmMgkVDj8u9MZQ.png","contentType":"image/png"}}},"imageFit":"cover","articleBody":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Special thanks to Mike Armstrong, Aaron Henshaw, Michael Atassi, Steven Willinger, and Shan Aggarwal for helping to inform this article.","marks":[{"type":"italic"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"* * *","marks":[{"type":"italic"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Despite the rise of Bitcoin and Ethereum, along with the emergence of new categories like DeFi, NFTs, GameFi and DAOs, web3 developers represent less than 1% of the 31.1M software developers globally.*","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"So why are there so few developers in web3 today? For one, the tools and infrastructure available to web3 developers are much less robust than that of web2. This simply makes it more difficult to get started building, experimenting, and deploying in web3. That’s all quickly changing however, as the number of monthly active web3 developers hit ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://cointelegraph.com/news/web3-developer-growth-hits-an-all-time-high-as-ecosystem-matures"},"content":[{"nodeType":"text","value":"all-time highs","marks":[],"data":{}}]},{"nodeType":"text","value":" at the end of 2021. And to support this growing contingency, is a vibrant ecosystem of teams working to simplify the entire web3 developer journey, which will ultimately help unlock the next stage of web3 growth and innovation.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In this edition of Around The Block, we’ll explore the growing web3 developer stack.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"The Web3 Developer Stack","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"c5bd0wqjc7v0"}},"id":"2vS2fgIKZ0coCQqqAbaJhV","type":"Asset","createdAt":"2022-09-17T17:17:25.255Z","updatedAt":"2022-09-17T17:17:25.255Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"revision":1,"locale":"en"},"fields":{"title":"The Web3 Developer Stack","description":"","file":{"url":"//images.ctfassets.net/c5bd0wqjc7v0/2vS2fgIKZ0coCQqqAbaJhV/358828cf2260f335c2d1c2badca3bc79/1_6WODdXVLk5c3ZRRyF8S98g.png","details":{"size":400460,"image":{"width":1050,"height":600}},"fileName":"1*6WODdXVLk5c3ZRRyF8S98g.png","contentType":"image/png"}}}},"content":[]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Building in Web2 vs Web3","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Software development is the process of building computer programs. There are three main components to a given program:","marks":[],"data":{}}]},{"nodeType":"ordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The front-end (what users interact with)","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The back-end (what users don’t see)","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Database (where critical data is stored)","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The front-end that a typical user interacts with through a mobile or desktop browser is basically the same in web2 and web3. A web3 app like Uniswap looks similar to a typical web2 app because both front-ends are mostly created using React — a popular developer framework for web and mobile apps.","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"c5bd0wqjc7v0"}},"id":"3L3GfpD8ucFYUO0sEhw0Qw","type":"Asset","createdAt":"2022-09-17T17:17:25.263Z","updatedAt":"2022-09-17T17:17:25.263Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"revision":1,"locale":"en"},"fields":{"title":"Uniswap app","description":"","file":{"url":"//images.ctfassets.net/c5bd0wqjc7v0/3L3GfpD8ucFYUO0sEhw0Qw/32fcd69bbee52e8cec3d7daa686293d0/1_lMnDLgwcEguhzYST1QSwJQ.png","details":{"size":63589,"image":{"width":512,"height":382}},"fileName":"1*lMnDLgwcEguhzYST1QSwJQ.png","contentType":"image/png"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It’s under the hood where web2 and web3 differ. The backend frameworks and ","marks":[],"data":{}},{"nodeType":"text","value":"types ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"of databases that make web3’s defining characteristic — user-defined ","marks":[],"data":{}},{"nodeType":"text","value":"ownership — ","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"possible are new and unique.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Where web2 applications largely rely on centralized databases, web3 applications are built on decentralized databases (blockchains). This requires entirely new backends and new primitives like wallets.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The tools that aid in the creation, deployment, and maintenance of web2 applications are incredibly developer-friendly, thanks to decades of cumulative development. Out of the box solutions, mature infrastructure, shared code libraries, and easy to use frameworks largely make building in web2 a breeze.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Web3 on the other hand still requires specialized expertise to interface with complex infrastructure and commonly involves many redundant processes given that the stack is less developed, leaving teams to have to reinvent the wheel. That said, the tooling that will help onboard the next 1M+ web3 developers is rapidly improving.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Let’s take a (non-exhaustive) look at the evolving Web3 developer stack layer by layer (* denotes Coinbase Ventures portfolio company).","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Protocol layer","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"c5bd0wqjc7v0"}},"id":"5xCETj39oBbESp0qYK6fBJ","type":"Asset","createdAt":"2022-09-17T17:17:25.271Z","updatedAt":"2022-09-17T17:17:25.271Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"revision":1,"locale":"en"},"fields":{"title":"Protocol layer","description":"","file":{"url":"//images.ctfassets.net/c5bd0wqjc7v0/5xCETj39oBbESp0qYK6fBJ/781334af329ddeadd2515152426b4cdf/1_ngqel2kCbfpPAy9lQBPdPQ.png","details":{"size":60061,"image":{"width":1050,"height":145}},"fileName":"1*ngqel2kCbfpPAy9lQBPdPQ.png","contentType":"image/png"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The first decision a web3 developer has to make is ","marks":[],"data":{}},{"nodeType":"text","value":"which ","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":"blockchain protocol to build on. Building on Bitcoin is entirely different from building on Ethereum, and Solana differs from Ethereum, etc.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For faster and lower-cost applications, developers might want to build on a layer2 protocol — ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.optimism.io/"},"content":[{"nodeType":"text","value":"Optimism","marks":[],"data":{}}]},{"nodeType":"text","value":"*, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://bridge.arbitrum.io/"},"content":[{"nodeType":"text","value":"Arbitrum","marks":[],"data":{}}]},{"nodeType":"text","value":"*, etc. For applications that need to port value from one chain to another, developers will want to leverage cross-chain bridges like ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://hop.exchange/"},"content":[{"nodeType":"text","value":"Hop*","marks":[],"data":{}}]},{"nodeType":"text","value":" or ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://synapse.network/"},"content":[{"nodeType":"text","value":"Synapse","marks":[],"data":{}}]},{"nodeType":"text","value":"*.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Once these decisions are made, developers can start to incorporate building blocks that make user applications possible.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Infrastructure primitives","marks":[],"data":{}}]},{"nodeType":"embedded-asset-block","data":{"target":{"metadata":{"tags":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"c5bd0wqjc7v0"}},"id":"2wqsbTN32sztXK3gTf7Gl7","type":"Asset","createdAt":"2022-09-17T17:17:25.279Z","updatedAt":"2022-09-17T17:17:25.279Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"revision":1,"locale":"en"},"fields":{"title":"Infrastructure primitives","description":"","file":{"url":"//images.ctfassets.net/c5bd0wqjc7v0/2wqsbTN32sztXK3gTf7Gl7/7c948239eaa414cc6b02f674c8a3a03c/1_qkIwrAktcnbgrcG_kUtMdw.png","details":{"size":121221,"image":{"width":1050,"height":132}},"fileName":"1*qkIwrAktcnbgrcG_kUtMdw.png","contentType":"image/png"}}}},"content":[]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The next thing a developer needs to figure out is ","marks":[],"data":{}},{"nodeType":"text","value":"how","marks":[{"type":"italic"}],"data":{}},{"nodeType":"text","value":" their application will ultimately interact with the underlying blockchains. This is where infrastructure primitives come into play.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Node infrastructure — ","marks":[{"type":"italic"},{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Nodes are where an app’s interaction with a blockchain “happens.” They’re computers that read the state of the blockchain and write updates to it once a user interacts with an application. Node infrastructure providers like ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.coinbase.com/cloud"},"content":[{"nodeType":"text","value":"Coinbase Cloud","marks":[],"data":{}}]},{"nodeType":"text","value":", ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://infura.io/"},"content":[{"nodeType":"text","value":"Infura","marks":[],"data":{}}]},{"nodeType":"text","value":"*, and ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.alchemy.com/"},"content":[{"nodeType":"text","value":"Alchemy","marks":[],"data":{}}]},{"nodeType":"text","value":"* let developers easily set-up, manage, or access blockchain nodes, saving developers considerable time and resources.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Wallet \u0026 Key Management — ","marks":[{"type":"italic"},{"type":"bold"}],"data":{}},{"nodeType":"text","value":"Blockchain wallets, like ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.coinbase.com/wallet"},"content":[{"nodeType":"text","value":"Coinbase Wallet","marks":[],"data":{}}]},{"nodeType":"text","value":", allow users to manage the private keys needed to perform transactions within web3 applications. 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The modular and interoperable nature of web3 means that the stack can be combined in endless ways to create new and interesting applications.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While the framework and layers we highlighted will likely remain unchanged, we continue to see new developer tooling primitives emerge and expect the entire stack to evolve dramatically in the coming years.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Coinbase Ventures will continue to invest in the next generation of platform and developer tooling that will ultimately onboard millions of developers into web3. 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Information is provided for general educational purposes only and is not intended to constitute investment or other advice on financial products. Coinbase makes no representations as to the accuracy, completeness, timeliness, suitability, or validity of any information on this website and will not be liable for any errors, omissions, or delays in this information or any losses, injuries, or damages arising from its display or use. Unless otherwise noted, all images provided herein are the property of Coinbase. This website contains links to third-party websites or other content for information purposes only. Third-party websites are not under the control of Coinbase, and Coinbase is not responsible for their contents. The inclusion of any link does not imply endorsement, approval or recommendation by Coinbase of the site or any association with its operators.","marks":[{"type":"italic"}],"data":{}}]}]}}},"publicationDate":"2022-09-01T00:00-07:00"}},{"metadata":{"tags":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"c5bd0wqjc7v0"}},"id":"6QaOWr4jzc1YzBGZVCD0aE","type":"Entry","createdAt":"2022-09-21T18:58:50.085Z","updatedAt":"2022-09-21T18:58:50.085Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"page"}},"locale":"en"},"fields":{"name":"Building a Python ecosystem for efficient and reliable development","title":"Building a Python ecosystem for efficient and reliable development","slug":"building-a-python-ecosystem-for-efficient-and-reliable-development","seo":{"metadata":{"tags":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"c5bd0wqjc7v0"}},"id":"4L1gDLSfeD27tq6d4pQXeu","type":"Entry","createdAt":"2022-09-21T18:58:50.121Z","updatedAt":"2022-09-21T18:58:50.121Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"seo"}},"locale":"en"},"fields":{"name":"Building a Python ecosystem for efficient and reliable development - 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Coinbase.","marks":[],"data":{}}]}]},"authors":[{"metadata":{"tags":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"c5bd0wqjc7v0"}},"id":"55CiBL1H1l9ws7Z3D0DnCn","type":"Entry","createdAt":"2022-09-21T18:58:50.959Z","updatedAt":"2022-09-21T18:58:50.959Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blogGlobalAuthor"}},"locale":"en"},"fields":{"authorName":"The Coinbase Compute Platform Team"}}],"tags":[{"metadata":{"tags":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"c5bd0wqjc7v0"}},"id":"62jjtn16BeyP88OZpvXMCa","type":"Entry","createdAt":"2022-09-09T15:35:08.911Z","updatedAt":"2022-09-22T06:02:22.038Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"revision":33,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"globalTag"}},"locale":"en"},"fields":{"id":"engineering","label":"Engineering","type":"topic"}}],"readTime":"7 min","title":"Building a Python ecosystem for efficient and reliable development","image":{"metadata":{"tags":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"c5bd0wqjc7v0"}},"id":"3s8jjYtbENeurMcEiQdjcC","type":"Asset","createdAt":"2022-09-21T18:58:49.984Z","updatedAt":"2022-09-21T18:58:49.984Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"revision":1,"locale":"en"},"fields":{"title":"Building a Python ecosystem for efficient and reliable development","description":"","file":{"url":"//images.ctfassets.net/c5bd0wqjc7v0/3s8jjYtbENeurMcEiQdjcC/aafb6297f7f9ce81c7e620cf8e08ddfe/Building_a_Python_ecosystem_for_efficient_and_reliable_development.png","details":{"size":20016,"image":{"width":1760,"height":924}},"fileName":"Building a Python ecosystem for efficient and reliable development.png","contentType":"image/png"}}},"imageFit":"cover","articleBody":{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Python is one of the most frequently used programming languages for data scientists, machine learning practitioners, and blockchain researchers at Coinbase. Over the past few years, we have witnessed a growth of Python applications that aim to solve many challenging problems in the cryptocurrency world like Airflow data pipelines, blockchain analytics tools, machine learning applications, and many others. Based on our internal data, the number of Python applications has almost doubled since Q3, 2022. According to our internal data, today there are approximately 1,500 data processing pipelines and services developed with Python. The total number of builds is around 500 per week at the time of writing. We foresee an even wider application as more Python centric frameworks (such as Ray, Modin, DASK, etc.) are adopted into our data ecosystem.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Choosing the right tool","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Engineering success comes largely from choosing the right tools. Building a large-scale Python ecosystem to support our growing engineering requirements could raise some challenges, including using a reliable build system, flexible dependency management, fast software release, and consistent code quality check. However, these challenges can be combated by integrating ","nodeType":"text"},{"data":{"uri":"https://www.pantsbuild.org/"},"content":[{"data":{},"marks":[],"value":"Pants","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":", a build system developed by Toolchain labs, into the Coinbase build infrastructure. We chose this as the Python build system for the following reasons:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Pants is ergonomic and user-friendly,","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Pants understands many build-related commands, such as “test”, “lint”, “fmt”, “typecheck”, and “package”","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Pants was designed with real-world Python use as a first-class use-case, including handling third party dependencies. In fact, parts of Pants itself is written in Python (with the rest written in Rust).","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Pants requires less metadata and BUILD file boilerplate than other tools, thanks to the ","nodeType":"text"},{"data":{"uri":"https://blog.pantsbuild.org/dependency-inference/"},"content":[{"data":{},"marks":[],"value":"dependency inference","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":", sensible defaults and auto-generation of BUILD files. Bazel requires a huge amount of handwritten BUILD boilerplate.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Pants is easy to extend, with a powerful plugin API that uses idiomatic Python 3 async code, so that users can have a natural control flow in their plugins.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Pants has true OSS governance, where any org can play an equal role.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Pants has a gentle learning curve. It has much less friction than other tools. The maintenance cost is moderate thanks to the one-click installation experience of the tool and simple configuration files.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"ordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"Previous problems","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Python is one of the most ","nodeType":"text"},{"data":{"uri":"https://survey.stackoverflow.co/2022/#section-most-loved-dreaded-and-wanted-programming-scripting-and-markup-languages"},"content":[{"data":{},"marks":[],"value":"popular","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" programming languages for machine learning and data science applications. However, prior to adopting the Python-first build system, Pants, our internal investment in the Python ecosystem was low in comparison to that of Golang and Ruby — the primary choice for writing services and web applications at Coinbase.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"According to the usage statistics of Coinbase’s monorepo, Python today accounts for only 4% of the usage because of lack of build system support. Before 2021, most of the Python projects were in multiple repositories without a unified build infrastructure — leading to the following issues:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Challenges with code sharing: ","nodeType":"text"},{"data":{},"marks":[],"value":"The process for an engineer to update a shared library was complex. Changes made to the code were published to an internal PyPI server before being proven to be more stable. A library that was upgraded to a new version, but had not undergone enough testing, could potentially break the dependee that consumed the library without a pinned version.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Lack of streamlined release process: ","nodeType":"text"},{"data":{},"marks":[],"value":"Code change often required complicated cross-repository updates and releases. There was no automatic workflow to carry out the integration and staging tests for the relevant changes. The lack of coherent observability and reliability imposed a tremendous engineering overhead.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Inconsistent development experiences: ","nodeType":"text"},{"data":{},"marks":[],"value":"Development experience varied a lot as each repository had its own way of virtual environment setup, code quality check, build and deployment etc.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"ordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"Building PyNest for data organization","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"We decided to build PyNest — a new Python “monorepo” for the data organization at Coinbase. It is not our intention for PyNest to be use as a monorepo for the entire company, but rather that the repository is used for projects within the data organization.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Building a company-wide monorepo requires a team of elites. We do not have enough crew to reproduce the success stories of monorepos at Facebook, Twitter, and Google.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Python is primarily used within the data org in the company. It is important to set the right scope so that we can focus on data priorities without being distracted by ad hoc requirements. The PyNest build infrastructure can be reused by other teams to expedite their Python repositories.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"It is desirable to consolidate mutually dependent projects (see the dependency graph for ML platform projects) into a single repository to prevent inadvertent cyclic dependencies.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"ordered-list"},{"data":{"target":{"metadata":{"tags":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"c5bd0wqjc7v0"}},"id":"3tjw1IYd6JhwKcojKCx1Ua","type":"Asset","createdAt":"2022-09-21T18:58:50.061Z","updatedAt":"2022-09-21T18:58:50.061Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"revision":1,"locale":"en"},"fields":{"title":"0*Dependency graph for machine learning platform (MLP) projects.","description":"","file":{"url":"//images.ctfassets.net/c5bd0wqjc7v0/3tjw1IYd6JhwKcojKCx1Ua/7119964447bc974e86319ce98da9521f/0_P7HVKN5d7iqj5rtg","details":{"size":182995,"image":{"width":1050,"height":767}},"fileName":"0*P7HVKN5d7iqj5rtg","contentType":"image/png"}}}},"content":[],"nodeType":"embedded-asset-block"},{"data":{},"content":[{"data":{},"marks":[{"type":"italic"}],"value":"Figure 1. Dependency graph for machine learning platform (MLP) projects.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Although monorepo promised a new world of productivity, it has been proven not to be a long term solution for Coinbase. The Golang monorepo is a lesson, where problems emerged after a year of usage such as sprawling codebase, failed IDE integrations, slow CI/CD, out-of-date dependencies, etc.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Open source projects should be kept in individual repositories.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"ordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"The graph below shows the repository architecture at Coinbase, where the green blocks indicate the new Python ecosystem we have built. Inter-repository operability is achieved by serving layers including the code artifacts and schema registry.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"italic"}],"value":"Figure 2. Repository architecture at Coinbase","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"PyNest repository structure","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"# third-party dependencies\n├── 3rdparty\n│   ├── dependency1\n│   │   ├── BUILD\n│   │   ├── requirements.txt\n│   │   └── resolve1.lock # lockfile\n│   │\n│   └── dependency2\n│   │   ├── BUILD\n│   │   ├── requirements.txt\n│   │   └── resolve2.lock\n...\n│\n# shared libraries\n├── lib\n│\n# top level project folders\n├── project1 # project name\n│    ├── src\n│    │    └── python\n│    │         ├── databricks\n│    │         │    ├── BUILD\n│    │         │    ├── OWNERS\n│    │         │    ├── gateway.py\n│    │         │    ...\n│    │         └── notebook\n│    │              ├── BUILD\n│    │              ├── OWNERS\n│    │              ├── etl_job.py\n│    │              ...\n│    └── test\n│         └── python\n│              ├── databricks\n│              │    ├── BUILD\n│              │    ├── gateway_test.py\n│              │    ...\n│              └── notebook\n│                   ├── BUILD\n│                   ├── etl_job_test.py\n│                   ...\n├── project2\n...\n│\n# Docker files\n├── dockerfiles\n│\n# tools for lint, formatting, etc.\n├── tools\n│\n# Buildkite CI workflow\n├── .buildkite\n│    ├── pipeline.yml\n│    └── hooks\n│\n# Pants library\n├── pants\n├── pants.toml\n└── pants.ci.toml","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"blockquote"},{"data":{},"content":[{"data":{},"marks":[{"type":"italic"}],"value":"Figure 3. Pynest repository structure","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"The following is a list of the major elements of the repository and their explanations.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"1. 3rdparty","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Third party dependencies are placed under this folder. Pants will parse the requirements.txt files and automatically generate the “python_requirement” target for each of the dependencies. Multiple versions of the same dependency are supported by the multiple lockfiles feature of Pants. This feature makes it possible for projects to have conflicts in either direct or transitive dependencies. Pants generates lockfiles to pin every dependency and ensure a reproducible build. More explanations of the pants multiple lock is in the ","nodeType":"text"},{"data":{"uri":"https://docs.google.com/document/d/1XwEI8hzGNvJGJdyjHVKIN3SZcFUrfbpUlfUepuMcz9s/edit#heading=h.kw02t8xrp2jd"},"content":[{"data":{},"marks":[],"value":"dependency management","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" section.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"2. Lib","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Shared libraries accessible to all the projects. Projects within PyNest can directly import the source code. For projects outside PyNest, the libraries can be accessed via pip installing the wheel files from an internal PyPI server.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"3. Project folders","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Individual projects live in this folder. The folder path is formatted as “{project_name}/{src or test}/python/{namespace}”. The source root is configured as “src/python” or “test/python”, and the underneath namespace is used to isolate the modules.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"4. Code owner files","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Code owner files (OWNERS) are added to the folders to define the individuals or teams that are responsible for the code in the folder tree. The CI workflow invokes a script to compile all the OWNERS files into a CODEOWNERS file under “.github/”. Code owner approval rule requires all pull requests to have at least one approval from the group of code owners before they can be merged.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"5. Tools","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Tools folder contains the configuration files for the code quality tools, e.g. flake8, black, isort, mypy, etc. These files are referenced by Pants to configure the linters.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"6. Buildkite workflow","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Coinbase uses Buildkite as the CI platform. The Buildkite workflow and the hook definitions are defined in this folder. The CI workflow defines the steps such as","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Check whether dependency lockfiles need updating.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Execute lints and code quality tools.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Build source code and docker images.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Runs unit and integration tests.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Generates reports of code coverages.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"7. 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Since mainnet beta launch, we have helped our clients manage the complexity of participation with secure, tested validator infrastructure run by seasoned protocol engineers and specialists.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Now, we are expanding our Solana offerings to include our Solana Archival Nodes to empower developers interested in building on the blockchain.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Solana Query \u0026 Transact: run reliable, secure read/write nodes to build applications and services","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"With Query \u0026 Transact, developers interested in building on Solana can easily run read/write nodes, access data from the blockchain, and build applications and services that connect to Solana.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Even for highly technical teams, running nodes can be an expensive, time-consuming process. 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However, Coinbase may have, or may in the future have, a significant financial interest in, and may receive compensation for services related to one or more of the digital assets, protocols, networks, entities, projects, and/or ventures discussed herein. 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