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Coinbase Hacked, Assets From 6000 Accounts Stolen

Coinbase, the world’s largest cryptocurrency exchange, has witnessed its second scam attack this year. According to the reports, hackers have stolen crypto assets from over 6000 different accounts.

Earlier in the year hackers had managed to breach the exchange’s multi-factor authentication, or MFA, feature and steal crypto assets from user accounts. 

While the amount that has been stolen by the hackers has not been disclosed,  Coinbase has confirmed the theft. While not yet confirmed, it is being claimed that the hackers must have had access to the account holders’ confidential information.

The cryptocurrency exchange has also confirmed that they had identified issues with the user account recovery process and the hackers leveraged the info to gain access to user accounts. 

Explaining the hack, Coinbase said: “In this incident, for customers who use SMS texts for two-factor authentication, the third party took advantage of a flaw in Coinbase’s SMS Account Recovery process in order to receive an SMS two-factor authentication token and gain access to your account.”

Coinbase is one of the largest cryptocurrency exchanges. However, it has been criticized by many for its poor customer service. The exchange is one of the first to go public. Earlier in the year, Coinbase secured necessary permissions from the US SEC to go public. Recently, the SEC also threatened to sue Coinbase.




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