Thats why i don't want to store my assets into exchange even tough most people call coinbase is the best exchange in the world it still very risky to store our aseets into it. I personally store my asset on MEW, i think MEW is the best platform for us to store our asset.
Who said that Coinbase is the best wallet? Losing to hacks and cyber attacks these past few years isn't really making anyone believe that Coinbase is the best one there is. The best way to store them is through hardware wallets or other offline wallets so you can be assured that your crypto will be secured. 
Topic: 6000 coinbase clients hacked - page 3. (Read 789 times)
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.
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.
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.
The vulnerability of e-wallets is often written about, so you need to be prepared. you should think more carefully about the safety of your money.
this is the reason we must all have Ledger or Trezor wallets to keep safe our funds because we cannot trust exchange that big as they are the main target of hackers scammers .meaning all of us are in the circle of target if we will put our money inside exchange for long term,just use exchange once you need to trade.
then after best to withdraw and keep safe in your wallet that you hold the Keys.
Not a must to have ledger or trezor, but even if you are using electrum, you can already be secure if you know how to secure your keys. Not all crypto users can afford to purchase those hardware wallets. There are other cheaper ways how to avoid possible hacks without purchasing hardware wallets and it has been discussed here in the forum over and over again.
The vulnerability of e-wallets is often written about, so you need to be prepared. you should think more carefully about the safety of your money.
this is the reason we must all have Ledger or Trezor wallets to keep safe our funds because we cannot trust exchange that big as they are the main target of hackers scammers .meaning all of us are in the circle of target if we will put our money inside exchange for long term,just use exchange once you need to trade.
then after best to withdraw and keep safe in your wallet that you hold the Keys.
coinbase was hacked, it's really a pity, the coinbase must immediately fix any shortcomings, so that in the future something like this doesn't happen again, and doesn't disappoint people who have been loyal to storing in coinbase, even though the coinbase is willing to pay compensation, but the coinbase should immediately fix their shortcomings..
Coinbase was not hacked. The coins they had in cold wallets and hot wallets are all safe. Some of the user accounts were hacked, as the criminals exploited a common vulnerability. And as far as I know, the criminals stole coins from other exchange users as well, but they are yet to confirm this. The hackers made use of the SMS account recovery process that is being used in Coinbase. There are several other exchanges that use the same function. Anyway, most of the customers have regained access to their accounts and Coinbase has issued a statement clarifying that it will reimburse the losses (although I don't think that they have the liability to do so).
coinbase was hacked, it's really a pity, the coinbase must immediately fix any shortcomings, so that in the future something like this doesn't happen again, and doesn't disappoint people who have been loyal to storing in coinbase, even though the coinbase is willing to pay compensation, but the coinbase should immediately fix their shortcomings..
This is scary, I have some considerable amount of my tokens in Binance and I am definitely risking those coins from being atolen because I don't have any hardware wallet and the hardware wallets that store those tokens are so expensive and a lot of the tampered ones are spreading online, being sold to unknowing newbies.
Can't you invest a small part of your "considerable amount" to improve the safety of your digital assets? The cheapest hardware devices sell for $50-$100. That's a one-time payment for the whole life span of that device. When you think about it, if you withdraw Bitcoin twice from an exchange like Binance, you would be asked to pay withdrawal fees of around $50 in total. That's already the value of a Nano S for example. Don't buy hardware wallets from unofficial sellers online. Purchase them from official websites or affiliated and official resellers. If a reseller is located close to your place of living, you will have an additional advantage of not having to ship the gadget to your home and have the company store your personal data on their servers.
How many years has Coinbase been in the cryptocurrency trading industry, and the exchange still, gets hacked, goes down/offline during periods of high traffic, and continues to list shitcoins, giving them legitimacy. DON’T USE COINBASE.
Hackers or hackers are known to exploit flaws in the company's SMS account recovery process to gain access to customer accounts, and transfer funds to crypto wallets not associated with Coinbase, coinbase immediately fixed the flaw and have been working with these customers to regain control of their accounts. and replace their lost money, this should be an example, because coinbase is ready to make up for the loss of its customers..
The one thing that we can do to prevent the hacker steal all of our money is not keeping all of the coins in the exchange and it is better to send it to a private wallet that we can control. We can send some amount of money to the exchange just to trade while we still keep the big amount in other wallets so when the exchange getting hack, we still have the other coins and can continue to trade in the other exchange that will be safe from a previous exchange. We are already told that always be careful to keep the balance in the exchanges because there will be a risk.
Some points before people starts panicking:
Based on the time/period that it took place, I wonder why they didn't make a "public" announcement about that incident? The hack took place between March and May 20 of this year
BTW, for those that would like to read the Coinbase letter without having to download the PDF file, you can refer to the following link instead ["Coinbase notification"]: Hackers rob thousands of Coinbase customers using MFA flaw
Did news of the hack appeared just now or is it Reuters recycling old news to try to create FUD or something?
I remember reading a bunch of hack reports in the past few months but looks like this is the first time that they've made it somewhat public:how will people do day trade if they don't leave the asset on the exchange?
If you want to day trade, then that is the risk you have to take. You would hope that most people day trading any significant amount of money are sensible enough not to try to secure their account with something as insecure as SMS, though. The fact that Coinbase even still offers SMS is very poor on their part.I don't have any hardware wallet and the hardware wallets that store those tokens are so expensive
A Ledger Nano S or a Trezor One both cost around $50 bucks. If you ask in their respective subreddits for a referral code, you can usually get 20% off that. If you wait for Black Friday coming up in at the end of November, then based on previous years you might be able to get up to 50% off. This really isn't a lot of money to spend for financial security, especially if, as you say, you have a "considerable" amount of money on Binance. If it is more than you can afford to lose, then get a hardware wallet. 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/
https://www.reuters.com/business/finance/coinbase-says-hackers-stole-cryptocurrency-least-6000-customers-2021-10-01/
The lesson that we could learn from this big exchanges is no guarantee to be safe. People still have mind that popular and big exchange is safe because they have the best security but the reality is, the good hackers are targeting big exchanges instead of mediocore level exchanges.
As an investors we should just sent a few of our balance to trade on exchange wallet if we want to trade and never save balances too much on an exchange because that could be targeted by the hackers
Thats why i don't want to store my assets into exchange even tough most people call coinbase is the best exchange in the world it still very risky to store our aseets into it. I personally store my asset on MEW, i think MEW is the best platform for us to store our asset.
This is scary, I have some considerable amount of my tokens in Binance and I am definitely risking those coins from being atolen because I don't have any hardware wallet and the hardware wallets that store those tokens are so expensive and a lot of the tampered ones are spreading online, being sold to unknowing newbies.
therefore we can divide it into several baskets, so that at least it can minimize the risk. Hacking is nothing new, but we must be careful ourselves to secure the assets we have. many of them ignore this little thing, and in the end it is very risky
This is scary, I have some considerable amount of my tokens in Binance and I am definitely risking those coins from being atolen because I don't have any hardware wallet and the hardware wallets that store those tokens are so expensive and a lot of the tampered ones are spreading online, being sold to unknowing newbies.
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/
I absolutely agreed that an insider is directly or indirectly involved in what lead to the hacked wallets of coinbase users, it has become glaring that centralized exchanges can never be reliable and trusted in storing coins, past hacking events related to CEX has proven that reliability of those type of exchanges is very risky, because some of their scrupulous employee who can never to trusted will surely compromised, I think experienced crypto enthusiast knows the implications of hodling their coins in CEX exchanges it's up to every newbie to research on ways of securing their coins too. https://www.reuters.com/business/finance/coinbase-says-hackers-stole-cryptocurrency-least-6000-customers-2021-10-01/
Another example why using central exchanges is risky.
To be fair using centralized exchanges is inevitable for anyone who wants to either buy bitcoin or trade it and the risk is known to these people. What we warn people about is storing their coins with a third party including but not limited to centralized exchanges.Until we get better and more popular decentralized exchanges we will continue seeing news like this.
Some points before people starts panicking:
Although obviously Coinbase said that there's no evidence that the users' data comes from them, it looks too much like it. Either somebody from inside has sold users' data to a malicious 3rd party, either Coinbase user database was hacked and they didn't notice. Of course, from there to actually accessing users' e-mails there's still some work to do.
The warning, however, is the same as always: don't keep at centralized exchanges too much money and for too long. Not your keys, not your coins.
The hack took place between March and May 20 of this year
The hackers needed to know the email addresses, passwords and phone numbers linked to the affected Coinbase accounts, and have access to personal emails
Although obviously Coinbase said that there's no evidence that the users' data comes from them, it looks too much like it. Either somebody from inside has sold users' data to a malicious 3rd party, either Coinbase user database was hacked and they didn't notice. Of course, from there to actually accessing users' e-mails there's still some work to do.
The warning, however, is the same as always: don't keep at centralized exchanges too much money and for too long. Not your keys, not your coins.
It is really sad that people still tend to put their money in centralized exchanges. If it is that big then at least try to put it on your own wallet and then just try put out what you need in case you want to cash out. Do not put your money to exchanges even if they say their security is so tight. You will never know what might happen in the future. You will never know if the exchange you trust suddenly decides to run away with your money.
~
how will people do day trade if they don't leave the asset on the exchange? doing withdrawals every day has a high cost because you imagine that the person withdraw the coin and at the same time the price is falling, indicating a good chance of buying? It is the exchange's responsibility to have good security and pay customers when the exchange is stolen. this is a risk that everyone who day trades will have to take
It is the responsibility of the exchange to take care of the clients assets and if some of the exchanges prove that they are not capable then as investors and traders you need to move out to other exchanges rather than sticking to them thinking that they would change. Coinbase is a huge company and they are worth billions of dollars if they cannot take care of security then what is the point in trusting them in the long run. how will people do day trade if they don't leave the asset on the exchange? doing withdrawals every day has a high cost because you imagine that the person withdraw the coin and at the same time the price is falling, indicating a good chance of buying? It is the exchange's responsibility to have good security and pay customers when the exchange is stolen. this is a risk that everyone who day trades will have to take
Jump to: