[carolinakid]

Coinbase customers up in arms after hackers drain crypto wallets

By Anthony Spadafora 20 days ago
Another reason to store your crypto in a hardware wallet instead

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(Image credit: Shutterstock)

An increasing number of users of the highly popular cryptocurrency exchange Coinbase have found their accounts on the platform empty after hackers managed to gain access to them and drain their cryptocurrency wallets.
According to a new report from CNBC, the news outlet interviewed Coinbase customers across the US to discover thousands of customer complaints. For instance, one couple logged onto the service to discover that $168k in cryptocurrency had vanished after hackers were able to take over their account.
To add insult to injury, the couple was unable to reach Coinbase for support after the incident occurred. While banks now employ live chat as well as email and telephones to provide customers support, the popular cryptocurrency company only responds to customers via email.

• We've assembled a list of the best password managers available
• These are the best security keys on the market today
• Also check out our roundup of the best identity theft protection

Although Coinbase did originally offer live chat for support, the feature was phased out around 2016 though according to a recent blog post, it plans to re-add live chat to its platform. Additionally, Coinbase plans to continue to expand its customer support team to better serve its customers.
Account takeovers

If money is accidentally transferred out of your bank account to another account, you can easily call your bank to have the transaction reversed. However, the same can't be said for cryptocurrency ; once it's transferred off an exchange to a bank, there's no way to recover the lost funds.
While using two-factor authentication (2FA) and a password manager can help secure your crypto accounts, cybercriminals have begun using SIM swapping as a means to take over accounts.
For those unfamiliar, SIM swapping involves a cybercriminal taking control of a victim's phone number and SIM card through their mobile carrier. From here, they can then intercept 2FA codes sent via text message to take over a victim's other online accounts.
These hacked Coinbase accounts are then sold on the Dark Web for anywhere between $100 and $150 according to Etay Maor from Cato Networks who spoke with CNBC.
For this reason, if you don't plan on exchanging your crypto for cash anytime soon, it is recommended that you store your cryptocurrency in a hardware wallet like the Ledger Nano X or the Trezor Model T instead of leaving it on a cryptocurrency exchange. This way, hackers won't be able to steal your cryptocurrency without first breaking into your home or apartment

[Brock Landers]

This is like 3 weeks old

And not really relevant

[carolinakid]

yes i just seen it today, but it is important as to show how you need to set up the wallet as to not get hack............you are not reading between the lines dude

[MickeyMan]

Thanks slayer

[TheMetsSuck]

What wallet do most of you guys use? I let my crypto rot on Gemini.

[Bostongambler]

Apollo 11 (July 16–24, 1969) was the spaceflight that first landed humans on the Moon. Commander Neil Armstrong and lunar module pilot Buzz Aldrin formed the American crew that landed the Apollo Lunar Module Eagle on July 20, 1969,

[JIBBBY]

My Coinbase balance was never touched. That would piss me off if it was. You'd think Coinbase of all websites would have maximum security and fire walls in place..

Was it the Russians? .

[bigtymer56]

yes i just seen it today, but it is important as to show how you need to set up the wallet as to not get hack............you are not reading between the lines dude

Also, if you are using the exchanges make sure you use all the security options esp. the non SMS 2FA. Might be a pain the ass to put that code in everytime you access the site, but its probably worth it. Sim swaps still seem to be a problem.

[carolinakid]

guys you can always see what guys are jerks in threads and my guess they have been that way since grade school

[stake1]

Post#2 is from a check kiting troll

[carolinakid]

yes and number 6 as well...sad but true

[chico2663]

Haven t checked money in awhile. Thanks. Mu nephew set up where you have to take picture off my phone. Shouldn't I be safe?

[carolinakid]

you should be but hackers are smart for sure, heck i got a alert a while back that one of my account passwords has been found on the dark web and i wasted no time in changing it.

[Darkside Magick]

Flash drive wallets has and still the best option

[pablo222]

Apollo 11 (July 16–24, 1969) was the spaceflight that first landed humans on the Moon. Commander Neil Armstrong and lunar module pilot Buzz Aldrin formed the American crew that landed the Apollo Lunar Module Eagle on July 20, 1969,

[mngambler]

lol nobody with half a brain keeps a significant amount of money on ANY exchange for more than a day...buy a Ledger, they're like $60 for christs sake

[jjgold]

say you lose ledger>

[Runeblade]

Coinbase customers up in arms after hackers drain crypto wallets

By Anthony Spadafora 20 days ago
Another reason to store your crypto in a hardware wallet instead

• 
  
• 
  
• 
  
• 
  
  

(Image credit: Shutterstock)

An increasing number of users of the highly popular cryptocurrency exchange Coinbase have found their accounts on the platform empty after hackers managed to gain access to them and drain their cryptocurrency wallets.
According to a new report from CNBC, the news outlet interviewed Coinbase customers across the US to discover thousands of customer complaints. For instance, one couple logged onto the service to discover that $168k in cryptocurrency had vanished after hackers were able to take over their account.
To add insult to injury, the couple was unable to reach Coinbase for support after the incident occurred. While banks now employ live chat as well as email and telephones to provide customers support, the popular cryptocurrency company only responds to customers via email.

• We've assembled a list of the best password managers available
• These are the best security keys on the market today
• Also check out our roundup of the best identity theft protection

Although Coinbase did originally offer live chat for support, the feature was phased out around 2016 though according to a recent blog post, it plans to re-add live chat to its platform. Additionally, Coinbase plans to continue to expand its customer support team to better serve its customers.
Account takeovers

If money is accidentally transferred out of your bank account to another account, you can easily call your bank to have the transaction reversed. However, the same can't be said for cryptocurrency ; once it's transferred off an exchange to a bank, there's no way to recover the lost funds.
While using two-factor authentication (2FA) and a password manager can help secure your crypto accounts, cybercriminals have begun using SIM swapping as a means to take over accounts.
For those unfamiliar, SIM swapping involves a cybercriminal taking control of a victim's phone number and SIM card through their mobile carrier. From here, they can then intercept 2FA codes sent via text message to take over a victim's other online accounts.
These hacked Coinbase accounts are then sold on the Dark Web for anywhere between $100 and $150 according to Etay Maor from Cato Networks who spoke with CNBC.
For this reason, if you don't plan on exchanging your crypto for cash anytime soon, it is recommended that you store your cryptocurrency in a hardware wallet like the Ledger Nano X or the Trezor Model T instead of leaving it on a cryptocurrency exchange. This way, hackers won't be able to steal your cryptocurrency without first breaking into your home or apartment

Which is why I never keep any assets in coinbase. I just use them to move the money from my book to my bank account.

[pablo222]

say you lose ledger>

The key to the coins is in the seed phrase. Not the hardware wallet itself.
If you lose ledger you can use seed phrase to recover coins.

[jimmy007oc]

I'm a victim of SIM swap. fortunately, the Google Authenticator saved my ass. Since then, I changed my phone number, turned off T-Mobile online access, every requests to my T-Mobile account will be over the phone, with a 6 digits codes set up in their system.

Also, if you use Coinbase or other exchanges, lets turn on the whitelist withdrawal option. It will delay the withdraw process from hackers up to 48hrs.

Again, don't use F2A, it's not safe. Google Authenticator is far better.

[biggie12]

safepal wallet is great. cheap and 100% cold storage

[louisvillekid]

Also, if you are using the exchanges make sure you use all the security options esp. the non SMS 2FA. Might be a pain the ass to put that code in everytime you access the site, but its probably worth it. Sim swaps still seem to be a problem.

What's a non SMS 2FA that I'd have enter a code? At first when you said "non" - I thought you meant like facial recognition, or thumb print. But then you said enter a code. So I'm confused/curious.

[biggie12]

What's a non SMS 2FA that I'd have enter a code? At first when you said "non" - I thought you meant like facial recognition, or thumb print. But then you said enter a code. So I'm confused/curious.

he means using an authenticator app instead of getting sms code

[louisvillekid]

Isn't one of the selling points of these exchanges and digital wallets is the ability to earn decent interest on your crypto?

Wouldn't using a portable digital encrypted wallet take away that ability?

[louisvillekid]

he means using an authenticator app instead of getting sms code

Gotcha. Appreciate it.

[Optional]

I'm a victim of SIM swap. fortunately, the Google Authenticator saved my ass. Since then, I changed my phone number, turned off T-Mobile online access, every requests to my T-Mobile account will be over the phone, with a 6 digits codes set up in their system.

Also, if you use Coinbase or other exchanges, lets turn on the whitelist withdrawal option. It will delay the withdraw process from hackers up to 48hrs.

Again, don't use F2A, it's not safe. Google Authenticator is far better.

Google Authenticator is a 2 Factor Authorization app (2FA).

If you leave funds with a third party like Coinbase, you deserve what you get for being so lazy looking after it.

But I don't like hardware wallets. Do not need something physical to lose, when all I need to access my funds anywhere is to know my seed phrase. If you can't protect that, you probably cant protect the hardware wallet either. Plus it gives you a false sense of security that may see you let your guard down easier.

And 2FA is a way for institutions like Coinbase to pass responsibility for hacks like this back onto the consumer. And barely provides any real protection. In fact it offers hackers an additional vector to attack. And I think sites that INSIST you use 2FA simply make all their customers a bigger target to be hacked.

[onetrikpony]

For its part, Coinbase emphasizes the trading platform itself has never sustained a breach by hackers. Moreover, Coinbase says, unauthorized transactions are rare. In 2020, just 0.004% of customers experienced transactions where their email accounts were taken over, SIM swaps attacks occurred on their cellphones, or other personal information unrelated to Coinbase was breached, according to Coinbase.

[jimmy007oc]

I'm ordering the Hardware yubikey, every time you log into your accounts, you would need this device plug into your usb to grant access to your accounts.

[louisvillekid]

Google Authenticator is a 2 Factor Authorization app (2FA).

If you leave funds with a third party like Coinbase, you deserve what you get for being so lazy looking after it.

But I don't like hardware wallets. Do not need something physical to lose, when all I need to access my funds anywhere is to know my seed phrase. If you can't protect that, you probably cant protect the hardware wallet either. Plus it gives you a false sense of security that may see you let your guard down easier.

And 2FA is a way for institutions like Coinbase to pass responsibility for hacks like this back onto the consumer. And barely provides any real protection. In fact it offers hackers an additional vector to attack. And I think sites that INSIST you use 2FA simply make all their customers a bigger target to be hacked.

How do you feel about the digital wallets that want your DL or Passport in order to get super verified, so that you can qualify to earn high APY on certain coins/tokens?
Do you earn interest on crypto through any of the digital wallets? If so, do you have a fav?

[jimmy007oc]

How do you feel about the digital wallets that want your DL or Passport in order to get super verified, so that you can qualify to earn high APY on certain coins/tokens?
Do you earn interest on crypto through any of the digital wallets? If so, do you have a fav?

Buy Pancake then stake your coins for 85% APY. It's decentralized exchange, no KYC needed.

[Optional]

How do you feel about the digital wallets that want your DL or Passport in order to get super verified, so that you can qualify to earn high APY on certain coins/tokens?
Do you earn interest on crypto through any of the digital wallets? If so, do you have a fav?

I think anything where someone else has any control over your funds is risky.

But if you are staking obviously you are happy to take on some risk with that money anyway, so one extra layer is probably neither here nor there when it comes to that.

[5ympathy]

buy pancake then stake your coins for 85% apy. It's decentralized exchange, no kyc needed.

85% apy??

[louisvillekid]

85% apy??

I've never done it, yet. I'm too skeptical. Lol

But on Trust wallet(or probably any similar wallet) at bottom tap on DApps, on Trust there are numerous. Choose Pancake swap, it'll redirect to Pancake, in top left the 3 lines(menu), choose Farms, or Pools, and look at the "alleged" APR/APY.

There are some absurd rates

[bfl1000]

I thought all mobile carriers provided security pin. Any transaction I do that involves getting a new phone or sim card requires me to provide a security pin.

[beantown34]

whats going on with this?

im getting a payout and i only have a coinbase account

is it safe again?