Coinbase hacked? Truth revealed with case studies inside
Coinbase is a global leader in crypto-exchange. Considering the craze of crypto-investments, it's self-explanatory how inviting it is for hackers. Lately, there have been reports of unauthorized access to coinbase user accounts.
The hackers have made the cryptocurrency purchases in the name of the actual owners of the account. Things get creepier when there were reports of credit card details & Bitcoins being hijacked from the account. This was not expected from a platform like Coinbase.
The chaos of this incident first appeared on Reddit, where a user reported the password change confirmation SMS. First the SMS for password change request then the password change confirmation reaches the user’s mobile phone.
Luckily, the user had all the altcoin stored in the hardware wallet and had $0.10 in the coinbase account. This left nothing for the hacker to steal. However, the point to notice here is the unauthorized access. Furthermore, the user also says it was really easy for the account to be hacked. The user had shared a few pointers that would be creepy to know and would give you all the reasons to have your cryptocurrencies stored in a hardware wallet.
Another user shared a similar incident on Medium. This time, the amount of money lost was huge. The user got an SMS from the network provider stating someone else has claimed themselves as this user and resets the coinbase account password.
In between all this, the user gets an email from Coinbase with the subject line “You just send xx ETC/LTC/BTC to <hash address> along with password change request and password change confirmation email. The worst part was, the hacker had these emails deleted. But the user got it recovered from Google. Have a look at the screenshot
Things you should do to avoid your account on coinbase hacked
- Enable Google Authenticator: Google Authenticator is a free service from Google that acts as a two-factor authentication on many sensitive platforms. Opting for SMS confirmation doesn’t make sense. As you saw in both the case before, the network provider of both users confirmed someone else as the real user and let them reset the password easily.
- Avoid public talks: If you are a social person, do not indulge yourself in revealing the exchanges you use, trades you make any investments you’ve made. Being safe online & privacy is a myth these days. If good guys can watch, bad guys too can watch it.
- Be Anonymous: If you are planning to share any info regarding your trades/exchanges etc, consider being as anonymous as possible. You are being watched.
- Use “Vault”: Coinbase has this cool feature where you can store the funds in “vault”. Even if you want to access it, you’d need to wait for a couple of days. This comes with a notification on email/SMS or both. This is just in case you wanna have the funds in Coinbase until you find an alternative or buy a hardware wallet.
No doubt Coinbase is a global leader but there’s the first time for everything. Coinbase has gone deeper on their security grounds and made a lot of changes to keep your funds safe. However, it is always recommended to safeguard your funds by yourself. Use hardware wallet for ensuring maximum security.