At Least 6,000 Coinbase Accounts Exposed In Hack
02 Oktober 2021 - 09:39AM
NEWSBTC
Coinbase has released a breach notification letter this week saying
that a minimum of 6,000 user accounts were victim to hackers. The
exchange has stated that the breach took place between March and
May of this year. What We Know The letter notes that unauthorized
third parties exploited Coinbase’s SMS account recovery process and
transferred user funds to accounts outside of Coinbase. However,
the company added that in order to do so, those third parties
needed to have email addresses, passwords and phone numbers – as
well as email access. Coinbase believes that users fell victim to a
phishing attack, or some sort of equivalent, in order to have this
information exposed, and that there was no evidence to support that
the information was taken directly from Coinbase. The exchange
states that account recovery protocols around SMS were updated
after Coinbase discovered the issue. The letter closes that some
accounts have already been reimbursed and that all accounts would
be fully compensated equal to any losses incurred. The letter was
also posted on the California Attorney General website. Since going
public earlier in the year, COIN has faced substantial headwinds,
with less-than-stellar stock market performance. | Source: NASDAQ:
COIN on TradingView.com Related Reading | Bitcoin Price Blasts Off
With 10% Move, But Is This The Start Of More? Safety First While
the amount of hacked crypto has not been disclosed, Coinbase’s
immediacy in restoring user funds is reassuring, but comes at a
time where a number of stories have been hitting the headlines
around hacks and vulnerabilities. In recent days, Compound Finance
issued a governance rule that had a small piece of faulty code that
resulted in inappropriate token distribution, putting over $80M
worth of COMP tokens at risk. Just a few days prior, DeFi protocol
pNetwork lost over $12M to hackers. It’s also not the first sticky
situation for Coinbase recently, either. Last week, pressure from
the Securities and Exchange Commission (SEC) was enough to totally
sideline the company’s anticipated interest-generating product,
Lend. That came just a few weeks after a blog post and
corresponding long-winded tweet thread from Coinbase CEO Brian
Armstrong, expressing frustration in communications with the SEC,
and describing the agency as “sketchy.” Additionally, the
major crypto exchange has faced challenges with the impacts of
potential infrastructure legislation and USDC drama in
recent months. Crypto’s safety and security has substantially
improved over time, but that doesn’t mean that no one is
vulnerable. Our team at NewsBTC reminds you to always use
two-factor authentification, ideally via an authenticator, never
share your seed phrase, use platforms that you trust, and be on the
lookout for suspicious emails that may be trying to phish. Related
Reading | Polygon Founder Says Ethereum Is Set To Replace Bitcoin
As The Global Standard Featured image from Pexels, Charts from
TradingView.com
Compound (COIN:COMPUSD)
Historical Stock Chart
Von Feb 2024 bis Mär 2024
Compound (COIN:COMPUSD)
Historical Stock Chart
Von Mär 2023 bis Mär 2024