Coinbase CEO Brian Armstrong recalled that the platform initially only used hot wallets, which posed a high risk. The rapid increase in user deposits made them realize the need to establish a cold wallet system as soon as possible. Although experts suggested that the system would require about 10 people and 18 months to develop, Coinbase had only two engineers and 8 weeks. After signs of a hacking attempt, Armstrong and Charlie Lee urgently developed a cold storage system, completing key generation and multi-location backups, and successfully transferring assets in the final week. The system has since operated stably for many years and is now in its 5th version. Armstrong stated that this was one of the key moments for the company in its early days; without timely completion, Coinbase might not have survived.