CryptoQuant Founder: Coinbase "disrupts" wallet to protect privacy, raising the threshold for on-chain data analysis

The founder of CryptoQuant, Ki Young Ju, expressed dissatisfaction with Coinbase's wallet management model in a post on the X platform. He stated that Coinbase often disrupts wallets under the guise of protecting privacy. Additionally, the AOP (Account Balance) published by Coinbase mixes the balances of exchange and custodial accounts, making it difficult to accurately distinguish between pure exchange reserves and custodial 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 and outflows. Currently, its platform only marks wallets that are 100% certain to belong to Coinbase (to avoid misjudgment). Some platforms may display higher reserve numbers, but this does not indicate higher accuracy.