Topic: Coinbase hack rumor (Read 3576 times)

Its all fixed now and coinbase is already working smooth as usual maybe they have just a maintenance and seeing the coin stored on my wallet there no problem at all because there no lost amount of btc on which some people said about coinbase.I would still use this wallet and have trust on this service.

Used them last night and no issues encounter, system outage maybe due sudden BTC price drop and everyone is selling BTC and their system cant handle the volume of transactions or liquidity issues.

It's better to move for another wallet 

This scenario will force coinbase to keep all of the customer money they are responsible for in their hot wallet, and nothing in cold storage.

Say for example, you want to sell on conbase at the market price. You will have an open LN channel with coinbase, and you enter a LN state so that coinbase has the bitcoin you are selling, your oder gets filled, then your account is credited the USD amount of the sale (minus their trading fee). The person you sold to will have their USD deduced from their account, and coinbase will enter a LN state so that the other customer has the bitcoin in their LN channel. In this scenario, anyone holding any amount of USD at coinbase can potentially have their USD stolen.

Now say that bitcoin is trading at $1,000 on coinbase, but you do not want to sell for under $1,050, so you open a limit sale order so that you will sell your bitcoin at $1,050 as soon as there is a buyer, but you need to enter a LN state so that coinbase has the bitcoin you want to sell so they can credit the buyer with your bitcoin as soon as the order fills. So now coinbase effectively has the value of all of the sell orders in their order book in their hot wallet. A hacker would have the ability to steal all of the BTC in the orderbook.

Here is where it can get really bad. A hacker could trick coinbase into thinking that more USD is in your account then what really is, then the hacker could use that non-existent USD to bid up the price of bitcoin on their exchange. Now the hacker would be able to steal the entire amount of bitcoin in the order book, but it would also look like that bitcoin is trading at a premium on coinbase. With the price of bitcoin appearing to be very high on coinbase, other traders will be enticed to place additional sell orders on coinbase, allowing the hacker to gain access to even more bitcoin.

The problem what coinbase is facing is the technical problem due to heavy withdraw transaction and the same problem is yobit also facing yesterday as their also high selling and withdraw transaction due to that even yesterday yobit was not able to login. So i thing this problem is not only with coinbase but also some major exchanges where the users wanted to sell of the bitcoin to any price due to afraid of price drop , so that was the only reason and now that is solved so all sites and exchanges are working fine.

I use Coinbase, no problems with my account and coins.

If you are a hacker and are good at your job then you should know what bitcoin really is and try to steal any amount of bitcoin in any exchanges or wallets for that matter all at once and hold for future . I don't know why people panic when they hear "hack" stop keeping your coins if large amounts in online wallets and exchanges how many times people said it already? of course many employees easily give in to greed and want to have a rolling in coins .

Coinbase is now running smoothly with no problem at all.

Fast loading and response for every directory I was reaching. Already did some transaction for some escrowed I handle just now. Good thing all was fixed now (or I should say, hope it will be running smooth from now).

For those who have funds here and using this as a wallet, it's your time now to make your beloved coins be secured.

Hope coinbase is not hacked, or at least not seriously hacked. Coinbase is the one I used frequently and has always been pretty smooth. It seems to have pretty good security too.

Bitcoin has a history of targeted attacks, exchange corruption and manipulation, and a swarm of shills

prophesizing against the reality of the situation, the best thing for you to do if the value of your holdings

is worth the trouble, is employing the services of an expert to really find out whats happing in the packets

of your login attempts, whats in the packets of the replies and whether all the security protocols in place

are working properly to rule out things like a man in the middle attack etc,

Also make sure you cover the easy things first so as not to waste time or money.

It was indeed not working earlier. I also got that blue error page.
But, it's fine now and according to their status page, everything is now fully operational and site is stable.
https://status.coinbase.com/

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I also do not buy this "Coinbase hack rumor". But, it should be noted that it did take them 2 days to resolve this "issue" which I think is too long for a well-known exchange/wallet like them.

I think that Coinbase had some issues,that's why were some some rumours circulating around,that Coinbase was hacked.Because in this period the time,when Bitcoin's price rises hugely,people expect that hackers are involved ,if some sites have some issues.Anyway I don't think that's the case with Coinbase,if he had some issues,will resolve it.

Im experiencing the same thing too which shows me error and shows this blue page too.I dont know whats the reason and same as yours i checked it if its up or down but it say "UP" and i really want to know whats happening on coinbase?I do have transaction to made since my bitcoin was stored there.Hope this would be fixed.

Coinbase is really up that's why it's fine at that site. We can visit Coinbase at no problem at all.

The problem is accessing the inside stuff of the site. Can't reached the dashboard to perform transactions.


Yes looking it now. Thanks.

that site only tells you that it can see a response from the URL you give it, it doesn't say the response is a blue error custom page. it only gets regular http errors.
it is best to check this site for status: https://status.coinbase.com/

in any case if you are using it as wallet you should withdraw and use another wallet.
and for exchange try GDAX(?) it is from coinbase and i heard it is operational. or other exchanges.

I can't load it either, but http://downforeveryoneorjustme.com/coinbase.com reports that it's up.

Now what? Is anyone experiencing this problem or is it just me? 3 multiple login attempt and got this error.



Will try to login later and see if it will prompt again like that.

Thanks for the link buddy and now i know that this rumor will stay really as a false rumor because support staff of coinbase already answers the allegation regarding on their service and i am right not to believe at the first place because i cant believe that coinbase would easily be hacked.

somebody was trying to capitalize on the Coinbase situation of being out of service, it is possible that they were attacked just to spread this lie and FUD to make more profit from the fall.
the coinbase support did answer this here afterall https://community.coinbase.com/t/coinbase-was-hacked-and-they-are-lying-about-the-situation/13187/19

I agree with you. There is no hacking at all for coinbase and I checked all information. Coinbase hacking is a rumor.
I add more information . some big investors had sold bitcoin for good profit. As you know with 15%-25% profit in some days of trading or 50%-60% in 4-5 months what do you want more?