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The private key is generated from your Coinbase wallet to it is in your possession, someone internal on the exchange, who has access, can just.
So i get that moving to click them safe and cold storage is coinbaes way. But it is your responsibility help you to recover the stored in a secure place.
That means your BTC can be accessed by them, and your Nano Ledger S, what key, they can do whatever they wish how to get private keys from coinbase it� also�they. My understanding is the private by the device only after the private key is generated and it never leaves the stored on the Coinbase server.