Topic: 6000 coinbase clients hacked - page 2. (Read 789 times)
It always happens and we have nothing to do about it, Hacking in the crypto industry just becomes normal nowadays, this is clear evidence that no platform is hundred percent safe all are subjected to vulnerabilities and we the users must accept it as a part of the risk while using it, many huge and famous platform such as Binance, Bithumb and now Coinbase has become a victim of this unexpected event recently the question is what platform will be the next victim? just asking.
I can't count how many different clients I meet and work with on a daily basis who ask me about bitcoin and other cryptocurrencies and when they tell me that they've bought some already, and then I ask them where they currently keep it..it's always on an exchange. Trezor should start to give me some sort of bonus for referring so many people to them.
there are still many who believe that what is put on the exchange is easier so that what will be done later does not have to do several transactions. In fact, most of them believe because of the habit and convenience that is obtained and they also believe that there will be a replacement, although in the end it may not be guaranteed.saving on Trezor is certainly better and if you educate all those involved in crypto about the importance of storing on Trezor devices, obviously you should get attention from Trezor like a Bonus, because the education you do is going well, so everything starts a lot switch to Trezor instead of being kept on the exchange.
Whether or not it was an inside job but this incident proves how dangerous it is to store high amount of coins on exchanges.
Imagine what would have happened if an employee of Binance sold it's users data to an external party.
This is why we it is always recommended to store your crypto savings to non-custodial wallets and keep only a minimum amount of coins on exchanges.
Sadly, people don't take this point seriously until they become a victim of such incidents.
Imagine what would have happened if an employee of Binance sold it's users data to an external party.
This is why we it is always recommended to store your crypto savings to non-custodial wallets and keep only a minimum amount of coins on exchanges.
Sadly, people don't take this point seriously until they become a victim of such incidents.
I can't count how many different clients I meet and work with on a daily basis who ask me about bitcoin and other cryptocurrencies and when they tell me that they've bought some already, and then I ask them where they currently keep it..it's always on an exchange. Trezor should start to give me some sort of bonus for referring so many people to them.
We become more vulnerable to hackers knowingly or unknowingly because they learn from constant experiences and regular practice. To not fall prey of vipers like this extra caution should always be taken. Imagine one using same password for all the email accounts he has, and all the accounts he has online. When one account is attacked, the rest gets vulnerable.
Every year hacking on exchanges such as this one always occurred because the hackers are also updating their skills and sometimes they find some way to hack some vulnerable centralized exchanges. That's why it has become obligatory for us if we are holding big amounts of bitcoins that we need to store in our hard wallet so that we are the only ones who can access it. Because when the hackers successfully send it out from the exchange, it's almost impossible to recover it.
Yet another reason why KYC is a bad thing. Damn, I wish I didn’t sign up to so many exchanges in the past. Obviously leaving a significant amount of bitcoin on an exchange is a bad idea but we shouldn’t have to worry about our personal details being stolen.
A lot of us made that mistake back then. We really can't help what happened in the past now but to try and make amends for the future, going forward. Because Coinbase did not tell anybody about it till now. If Coinbase did not make a statement or let anybody know, then nobody can report on it.
On a side note 6000 customers out of the 68,000,000 that they have is also a very small amount. So although an interesting story, it's not like most of they clients had any issues.
-Dave
Yet another reason why KYC is a bad thing. Damn, I wish I didn’t sign up to so many exchanges in the past. Obviously leaving a significant amount of bitcoin on an exchange is a bad idea but we shouldn’t have to worry about our personal details being stolen.
A lot of us made that mistake back then. We really can't help what happened in the past now but to try and make amends for the future, going forward. Yet another reason why KYC is a bad thing. Damn, I wish I didn’t sign up to so many exchanges in the past. Obviously leaving a significant amount of bitcoin on an exchange is a bad idea but we shouldn’t have to worry about our personal details being stolen.
LOL.. Imagine my case. Back in 2014 and 2015, I signed up for at least a dozen cryptocurrency exchanges (half of them are no longer in operation). These exchanges are based in different countries, such as South Korea, Japan, Slovenia and the United States. Back then, I never thought that sending in a scanned copy of the national ID card and the passport would be such a bad idea. Fortunately my passport expired recently and I had to renew it. But I am still concerned about the copy of the national ID card. Criminals can still misuse it.
Yet another reason why KYC is a bad thing. Damn, I wish I didn’t sign up to so many exchanges in the past. Obviously leaving a significant amount of bitcoin on an exchange is a bad idea but we shouldn’t have to worry about our personal details being stolen.
Well, for all intent and purpose... Coinbase has acted like a Bank for a long time.. and Banks get robbed. They also have a long history and reputation for shitty customer support, so I will not put it past them.. that one of the people from the inside.. leaked the data.
The question is.... Why has this been swept under the carpet for months? They obviously did not want the bad publicity and/or it was a inside job and they covered their a$$es.
The question is.... Why has this been swept under the carpet for months? They obviously did not want the bad publicity and/or it was a inside job and they covered their a$$es.
My guess is that they didn't want the bad publicity because Coinbase stocks were launched around that time so the bad publicity should have done a significant damage to the stock's price. At the end of the day, this just shows that it's always better to take responsibility for the safety of your crypto assets. Putting them in the hands of these centralized exchanges makes it more prone to attacks since these platforms are hosted on centralized servers which can be hacked or tempered with.
Another example why using central exchanges is risky. The hackers knew private data of the users. One corrupt employee or one successful hack and bad guys capture your email, home address, phone number and sell it to local criminals who might knock on your door then best encrypted wallets are useless. Cryptocurrencies are designed for peer to peer usage. If you change it into peer to bank to peer then this adds some risks.
https://www.reuters.com/business/finance/coinbase-says-hackers-stole-cryptocurrency-least-6000-customers-2021-10-01/
Exactly right. You would think after the Mt. Gox hack, the Bitfinex hack, the Binance hack, etc people would learn to stay away from KYC, centralized exchanges, especially considering Satoshi's vision for BTC (see sig).https://www.reuters.com/business/finance/coinbase-says-hackers-stole-cryptocurrency-least-6000-customers-2021-10-01/
Here are some decentralized alternatives to centralized exchanges.
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The question is.... Why has this been swept under the carpet for months?
It wasn't. They notified folks whose accounts were compromised and dealt with it. The only new thing is that Reuters decided to (again) make it 'news'. Must be a slow week for them?
Well, for all intent and purpose... Coinbase has acted like a Bank for a long time.. and Banks get robbed. They also have a long history and reputation for shitty customer support, so I will not put it past them.. that one of the people from the inside.. leaked the data.
The question is.... Why has this been swept under the carpet for months? They obviously did not want the bad publicity and/or it was a inside job and they covered their a$$es.
The question is.... Why has this been swept under the carpet for months? They obviously did not want the bad publicity and/or it was a inside job and they covered their a$$es.
Some points before people starts panicking:
The hack took place between March and May 20 of this year
Yes, this is not a recent news so why the reuters published it on 2nd of October. I could see it was a failed attempt to create a panic in the market. I understand that coinbase data getting hacked is not a good thing but for me there are some hidden agenda by publishing this news at this time when market is booming.
That's not the first time when we hear some centralized exchange is hacked and it's not going to be the last time to see such news regarding these exchanges. Since the security is never complete there is always a security hole, any website or exchange can be hacked and is the possibility is real. That's why I always keep my assets in my own wallet instead of exchange and usually I suggest my friends do the same thing because not your keys, not your coins.
like the op said , the hackers can sell your info into the other criminals. you may not loose any of your cryptos from the hackers in the centralized exchange your using but you could hand them out easily once the other criminals get inside your house and point deadly weapons at you .
the best solution is dont use any centralized exchange at all or if possible supply fake details when using a centralize exchange , some wont require a kyc tho .
That's not the first time when we hear some centralized exchange is hacked and it's not going to be the last time to see such news regarding these exchanges. Since the security is never complete there is always a security hole, any website or exchange can be hacked and is the possibility is real. That's why I always keep my assets in my own wallet instead of exchange and usually I suggest my friends do the same thing because not your keys, not your coins.
Plus the owner of Coinbase, Brian Armstrong, is truly anti-Bitcoin deep inside of him. He has supported ALL “proposals”, which are actually ATTACKS on Bitcoin, like Bitcoin XT, Bitcoin Unlimited, and he signed the New York Agreement for a hard fork to Segwit2X, another attack on Bitcoin.
When market conditions are starting to recover, it is surprising why there is news like this. If crypto players are not wise in reading the news then it will be very clickbait to become a bad issue for the market. Meanwhile, if you read it in its entirety, they accumulate cases of customers who were hacked for several months and have passed. Equivalent to big exchangers in the US, why is this always repeated, do they not have any risk mitigation and maybe this is just a form of speculative bookies.
The exchanges are already in the custody of your private keys and whenever they want to become a scam they can shut down operations with million dollars scam as we have seen in the past also.The hackers usually push malwares and got access to the users private keys and you all know the funds are then not yours.These types of news are not new exchange are prone to risk of such hacks.
Plus the owner of Coinbase, Brian Armstrong, is truly anti-Bitcoin deep inside of him. He has supported ALL “proposals”, which are actually ATTACKS on Bitcoin, like Bitcoin XT, Bitcoin Unlimited, and he signed the New York Agreement for a hard fork to Segwit2X, another attack on Bitcoin.
Sad to say that no matter if these centralized exchanges have improved their security system, these hackers are just one step ahead by knowing how to counter that restriction.
Yes, that's how the game is here in crypto, criminals are always one step ahead of the game. It is us that keeps on adjusting, and then hackers will find another loophole, exploit it, going to be cyclical. The only weapon for us is to really learn and educate our selves how to protect our assets.
I do have a Coinbase account but never used it for years and have zero balance as of this time. It would be stressful for me if I am one of those 6000 being victimized by that hack.
Good for you, but for those who have lost their money, Coinbase says that they are going to compensate them, not sure if it's going to be in portion, or just one drop.
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