Sad news - Coinbase is leaking your information

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legendary

Activity: 2170

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Quote from: ranochigo on November 08, 2019, 11:28:20 PM

Unless you're using an OTC exchange which can guarantee your privacy, you should assume that your personal data is getting shared.

OTC exchange can mean anything. Nowadays there are plenty of regular crypto exchanges offering OTC services to their wealthier clients.

As long as there is a centralized entity between you and the person you are transacting with, there is no such a thing as being guaranteed any level of privacy.

I think you are referring to a decentralized exchange? If so, then that's a decent option, but not the best as there is little serious liquidity available which generally leads to massive spreads. I doubt we'll see that change any time soon as people have been begging for decentralized exchanges for years now and there has not been much progress in the liquidity field at all.

stepwilli

sr. member

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Coinbase is a US company and domiciled in the US, so you should expect that of they really want to stay in business, they have to dance to the tune of the government and one of the way they will do that is to be providing the government every information that they need so as to actually be able to perform some of their financial duty on those people, but there is nothing we can do about that as long as we continue to make use of these centralized exchanges.

Our information will always be leaked to them and which they might decide to sell our data or provide it upon request to the government when they need it. The only way we can avoid this is to actually start using decentralized exchanges which will be very much impossible for the government to influence this and which our information will stay safe on them.

ranochigo

legendary

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It really shouldn't come as a surprise at all. It's a common practice for the various major corporations to share information about your behavior and your activities. It's to their interest to use the identifying information to identify the various high risk individuals and improve their security. Everything is clearly outlined in their privacy policy and it should be assumed that all your personal information is easily accessible.

Unless you're using an OTC exchange which can guarantee your privacy, you should assume that your personal data is getting shared.

Genemind

sr. member

Activity: 1596

Merit: 335

It's a good thing that I haven't used Coinbase before but as what others are saying, even trusted exchanges these days could leak our personal information. I think that's one of the risks that we're taking here and we got no choice but to find ways to protect it or to put limits in providing too much of our personal information. Everything online is really hackable and could leak these days.

specialmoon

newbie

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Hopefully in these sites the privacy of the information is respected, because otherwise, this means a setback in the crypto ecosystem, because people begin to distrust and then there are many criticisms, which moves investors and new ones away potential users.

Jating

hero member

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Quote from: s92225 on November 08, 2019, 01:09:33 AM

Coinbase is sharing information about your account with third parties, which may include information such as: how often you open the app, which devices you open it from, and what the IP address of those devices is. Absolutely unacceptable behavior.

Source: NY times https://www.nytimes.com/2019/11/04/business/secret-consumer-score-access.html

As others have said, it's no surprise here that's why it's really hard to stop anonymous in crypto because everyone is selling our info, even to those who we thought at going to protect our info such as crypto platform.

Still boils down as to how much money they can get sharing our info. Everyone has a price now, so at least learn how to protect our online data otherwise everyone is watching our every move.

gentlemand

legendary

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Welt Am Draht

Since your phone, computer and bank is probably already doing this should anyone be surprised? Even if you keep your coins properly offline, as soon as you spend them or send them it's likely someone somewhere is logging it.

I assume everyone's watching me closely unless they explicitly state otherwise. Even then I'd assume they were trying to dupe me.

xiboothrezi

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Quote from: XCANA on November 08, 2019, 04:11:09 AM

For those who are fond of doing KYC just because they want to get some few dollars from an ambiguous exchange. Am always cautions of my identity online and not to expose myself. We must be cautions of these exchanges that are been use by government agencies to get investors data. The last thing I will do to get few dollars is KYC.

This is an important thing that must be considered, do not carelessly provide our personal data, especially only for a few dollars promised. Unless it provides enough feedback, it can be considered. Well, Coinbase is ranked first in the top 20 cryptocurrency exchanges in terms of web traffic, the results of an ICO Analytics analysis in October.

I have no problem with the involvement of third parties, as long as it can have a positive impact, for example, to find out what devices are used, time and place, so that we can find out if someone uses our account from other devices that are not ours. It could be because it was hacked. It is important as a warning.

veleten

legendary

Activity: 2016

Merit: 1107

Quote from: ?? on ??

This happens with many exchanges. Be prepared that this can happen to anyone.

this happens to many exchanges , but the difference is that Coinbase is cooperating and sends the data when asked
while the rest of the exchanges are either too small to show up on the radars while doing the same
or just get on the news because they are hacked and thus are only guilty of crappy security
Binance investigated a potential KYC data leak and the extortion attempt not so long ago :
https://www.newsweek.com/binance-hack-telegram-kyc-data-extortion-changpeng-zhao-cryptocurrency-bitcoin-1452989
more exchanges lost their data left right and center , this what makes me be very cautious about sending my KYC verification to any of them
now you do not know what is less safe - getting your data leaked to some darkweb dAtabase or have the government know that you are a trader
and doing business selling/buying bitcoins with not so much taxes coming their way

ene1980

hero member

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Quote from: s92225 on November 08, 2019, 01:09:33 AM

Coinbase is sharing information about your account with third parties, which may include information such as: how often you open the app, which devices you open it from, and what the IP address of those devices is. Absolutely unacceptable behavior.

It is not a surprising news if you know that all the application you use in your mobile phone or otherwise will monitor all your activities including your IP address and when it comes to application they have the capability to monitor your contact list and gallery and you need to expect these companies to share your sensitive documentation because you are giving them the authority to do so in the terms of service. It is unacceptable behavior and you cannot do anything about it, the only solution, stop using them Wink

.

qwertyup23

hero member

Activity: 2268

Merit: 789

Quote from: s92225 on November 08, 2019, 01:09:33 AM

Coinbase is sharing information about your account with third parties, which may include information such as: how often you open the app, which devices you open it from, and what the IP address of those devices is. Absolutely unacceptable behavior.

Source: NY times https://www.nytimes.com/2019/11/04/business/secret-consumer-score-access.html

Oh this is actually surprising! I mean, one of the things on why I heavily recommend coinbase is due to their security and reliability. Back when its website was hacked and thousands of coins were scammed, some got reimbursed by the site which is something that is unique to their system.

Upon knowing that they leak my information online, I am convinced that I should replace and switch to my local wallet instead as this may cost and endanger my identity/personal life in the future.

Ayiranorea

sr. member

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Quote from: yoseph on November 08, 2019, 05:56:09 AM

That's why it's always important to read the privacy policy of websites before we agree to them for all we know, our information which was supposed to be safe are being given out to who knows what but in the case of Coinbase I am sure that their customers agreed to it willingly and they can't be faulted if they didn't read their Privacy policy.

Well said, we never go through the privacy policy which were quite often updated. If we've read the privacy policy and then agreed this could've never been a big issue. Coinbase has a good reputation among the entire list of exchanges. This is why people always expect for a decentralized platform for trading needs. Right now we've got decentralized exchanges, but due to low liquidity it hasn't got used much. Maybe in future more people will start avoiding centralized exchanges who request to complete KYC.

migws

jr. member

Activity: 65

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Quote from: s92225 on November 08, 2019, 01:09:33 AM

Coinbase is sharing information about your account with third parties, which may include information such as: how often you open the app, which devices you open it from, and what the IP address of those devices is. Absolutely unacceptable behavior.

Source: NY times https://www.nytimes.com/2019/11/04/business/secret-consumer-score-access.html

I have been following Coinbase for about 2 years and this is not the first time for the exchange. The exchange was already involved in selling personal customers data in the dark web and etc. Be careful with this, Coinbase is dangerous. In my opinion, this is really absolutely unacceptable behavior.

target

legendary

Activity: 2282

Merit: 1041

Quote from: Anonylz on November 08, 2019, 08:42:21 AM

Quote from: XCANA on November 08, 2019, 04:11:09 AM

For those who are fond of doing KYC just because they want to get some few dollars from an ambiguous exchange. Am always cautions of my identity online and not to expose myself. We must be cautions of these exchanges that are been use by government agencies to get investors data. The last thing I will do to get few dollars is KYC.

What exactly are you insinuating? can you tell me that in your years of been in crypto that you haven't done any kyc in any platform be it exchange or not? there is nothing wrong if someone do kyc as requirement of the platform he is dealing, but it is wrong when this platform decided to exploit this entrusted personal information without any shame.

All companies conspire together to collect data from the internet.
If you have done it once then your name and documents are already on their files. There is just no one can stay stealth unless you have not tried it before. We're not criminals anyway. But I'm not sure what they are going to do with your information if you start to hid yourself from now on using VPN and TOR and not using CEX. If IRS is going to send you letter next year, you can probably reason the coins were long gone. Hacked by someone or whatever.

Capt00

full member

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Quote from: hello_good_sir on November 08, 2019, 01:20:32 AM

It's not surprising that Coinbase would be involved in these sort of services, and they are one of the companies that are all about the bottom line, and maximizing their profits, even at the cost of the customer if it's necessary.

Some of this is unnerving though, I can't believe they would give these "credit check" companies this much information about their customers, but to be honest, I don't think any of them would bother with doing verification themselves, it'll be much too expensive and this is likely why they are working with all of these obscure companies.

It’s just sad that the only thing that matters to them is business and they don’t think about their costumers welfare. They forgot that it was all because of it’s customers that they are able to succeed as a business and that with this they might lose customers and worst it they will lose the business because I think no one would want thier information exposed to any third parties.

Baby Dragon

sr. member

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Quote from: Reid on November 08, 2019, 06:46:10 AM

Who's safe when you are in the internet?
I don't think one is, unless you are using a lot of protection or even with it they could literally trace everything.

Now, the problem is leaking of information and whose fault is it?
Isn't that our own fault too for giving too much information to them just so we could use the best features of their companies?
That is why we are all here. We want privacy. We want freedom but yet this companies will need to abide by the rules of their government or else they will be shut down.

Its indeed speculative and you can't easily get rid of it particularly these days that people are using internet to deceive others, well I think you should know that you can't trust anything because you don't know their true intention. They will probably use it on something and that is the reason why people should be aware and cautious when it comes to these kind of things because they will take advantage of you no matter what you do, it depends on you if you are falling onto it. You can't trust someone even your friends with your personal data unless you've known them for years and you know their way of thinking.

Anonylz

hero member

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Quote from: XCANA on November 08, 2019, 04:11:09 AM

For those who are fond of doing KYC just because they want to get some few dollars from an ambiguous exchange. Am always cautions of my identity online and not to expose myself. We must be cautions of these exchanges that are been use by government agencies to get investors data. The last thing I will do to get few dollars is KYC.

What exactly are you insinuating? can you tell me that in your years of been in crypto that you haven't done any kyc in any platform be it exchange or not? there is nothing wrong if someone do kyc as requirement of the platform he is dealing, but it is wrong when this platform decided to exploit this entrusted personal information without any shame.

veleten

legendary

Activity: 2016

Merit: 1107

how is this news?
Coinbase has been cooperating with the authorities for a year already ( well , it is KNOWN for a year, they could have been doing it way longer )
they are complying with the US laws , so nothing is surprising here
if they are asked to divulge specific information they have by the authorities , they do it and you agree to this when you sign up
I don't know why people are using it - you can get blocked for gambling , your info can be leaked to the third parties and Coinbase is not that good of a service to bear with it

Apes

sr. member

Activity: 1316

Merit: 257

Obviously they ruin their reputation, user information is a sensitive matter I will not accept for any reason from their act. This incident is either intentional or leakage from their internal, It seems they have violated the agreement to the consumer. they have to explain publicly ASAP for this incident, before disturbing their customers.

Meowth05

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Merit: 267

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Quote from: ?? on ??

I think this is not new, as we know it like Facebook and Google, also have it like this, but they have a system that is not easy to hijack.

It is also possible that Coinbase also has a system that will be constantly updated for safety

Honestly, after reading this I'm get little bit disappointed in Coinbase. Facebook and Google are different platform from Coinbase, we tend to choose to hide our identity if it comes in financial matter because there are still some places where it is prohibited hence, this will be a problem if they caught being involved in cryptocurrency. In Facebook we are all aware that our info could be share into 3rd parties but for case of Coinbase or any such crypto related accounts, it is pretty far different. Personally, I preferably to hide my identity out of this,as a matter of fact I am not even fond of KYC system.

Topic: Sad news - Coinbase is leaking your information (Read 501 times)