CryptoQuant CEO: Coinbase "Scrambles" Wallets for Privacy, Raising the Bar for On-Chain Data Analysis

Odaily News CryptoQuant CEO Ki Young Ju expressed dissatisfaction with Coinbase's wallet organization model in a post on X platform. He stated that Coinbase frequently scrambles wallets under the guise of protecting privacy. Furthermore, the AOP (Account Balance) published by Coinbase mixes the balances of exchange and custody accounts, making it difficult to accurately distinguish between pure exchange reserves and custody reserves, thereby raising the threshold for on-chain data analysis. CryptoQuant has reverse-engineered the recent changes and adjusted its custom clustering logic to track and capture most real-time Bitcoin inflows/outflows. Currently, its platform only labels wallets that are 100% confirmed to belong to Coinbase (to avoid misjudgment). Some platforms may show higher reserve numbers, but this does not represent higher accuracy.