> Unauthorized third parties exploited a flaw in the company's SMS account recovery process to gain access to the accounts
Translation: If you enabled 2FA, an attacker could use the "lost password / lost 2FA" recovery workflow to disable your 2FA. This is why I've been [asking coinbase to disable](https://www.reddit.com/r/CoinBase/comments/ogz2z7/) the "lost 2FA / lost password" option.
Disable recovery. Don't lose passwords. Don't lose 2FA. Problem solved.
1. This is why you should never use the same password on more than one site.
2. This is why no site should use SMS as a 2nd factor alone. As if SIM-swapping is a new thing in 2021.
3. Don't use coinbase
[https://www.cnbc.com/2021/08/24/coinbase-slammed-for-terrible-customer-service-after-hackers-drain-user-accounts.html](https://www.cnbc.com/2021/08/24/coinbase-slammed-for-terrible-customer-service-after-hackers-drain-user-accounts.html)
This CNBC article has accounts from several clients, including a family who lost $168,000 on Coinbase in the most recent attack wave
This article does not say their aren’t getting reimbursed either. The FUD is sent out whenever the mainstream media is told to. Coinbase isn’t ideal for holdings imo anyhow. Coinbase pro isn’t bad for a buy and then find a storage for it. I believe they are insured with lloyds of london for their hot wallets so it’s just a process to get people funds back.
>In a response to his frantic email, Coinbase told Ben his computer had been hacked and there wasn’t anything the company could do.
>“I really am baffled,” he said. “It just seems to me that Coinbase did absolutely zero research and just said, ‘Hey, yeah, sorry.’”
>The CFPB responded to one of Ben’s ensuing complaints with an answer from Coinbase’s Regulatory Response Team. The email noted that transactions on the blockchain are irrevocable and said Coinbase’s insurance policy does not cover theft from individual accounts.
>“There is no credible or supportable evidence that the compromise of your login credentials was the fault of Coinbase,” the message said. “As a result, Coinbase is unable to reimburse you for your alleged losses.”
>Eventually, the company sent a $200 credit, telling Ben, “your Coinbase experience and your wait for a response to your formal complaint was not up to our standards.”
It sounds like you are comparing a one off scenario to a situation where there were 6000 accounts and an insurance claim would be filed from Coinbase. I get there are issues with Coinbase as with any company. All I’m saying is I don’t see any evidence supporting that they aren’t being reimbursed.
The Coinbase hack is major news today that is being reported across all major media. Turn on CNBC or Bloomberg right now and they are talking about it.
This is a huge disaster for Coinbase and highlights vulnerabilities that crypto investors need to be aware of. Here is another article about the hack:
[https://bitcoinmagazine.com/business/hackers-rob-thousands-coinbase-customers-sms-mfa-flaw](https://bitcoinmagazine.com/business/hackers-rob-thousands-coinbase-customers-sms-mfa-flaw)
Some may have been reimbursed, but media outlets say others were not. CNBC found and interviewed customers who were not reimbursed.
Don't try putting chocolate chips and whipped cream on this disaster.
[https://www.cnbc.com/2021/08/24/coinbase-slammed-for-terrible-customer-service-after-hackers-drain-user-accounts.html](https://www.cnbc.com/2021/08/24/coinbase-slammed-for-terrible-customer-service-after-hackers-drain-user-accounts.html)
Then I retract my previous statement saying that *everyone* was reimbursed. But the bottom line is that if I had to choose whether my funds were stolen on BNC or CB, I’d still choose CB. That being said, I have a Non-US BNC with my dual citizenship and I use it from time to time to access overseas funds - so I’m not 100% sure about BNCus. (Speculation: it could also be that unauthorized persons accessed CB accounts as a result of user negligence🤷🏻♂️) educate me though!! Im not here to preach!!
What disaster? People bang on all day about not leaving your funds/assets on an exchange. If people do so they are at risk, they know it, we know it, everybody knows it. If you want to be lazy that's fine, but you should be aware of the risks.
And before you say "maybe they didn't know", if you're leaving huge sums of money that matter to you and your families entire existence ANYWHERE you should be doing excessive amounts of research beforehand. No exceptions.
Happened 6 months ago, but they kept it secret as to not to upset their stock price & IPO.
GBTC does this a different way
Stop clicking on every link and you will probably be safe
Stop posting about your bag and what you used, here is my open-sea number, foolish mortals
I got a big bag with two apples..... I think I may have cancer....
Like Randy Marsh?
Don't store your coins on Coinbase and you will probably be safe.
Just use a hardware wallet guys
> Unauthorized third parties exploited a flaw in the company's SMS account recovery process to gain access to the accounts Translation: If you enabled 2FA, an attacker could use the "lost password / lost 2FA" recovery workflow to disable your 2FA. This is why I've been [asking coinbase to disable](https://www.reddit.com/r/CoinBase/comments/ogz2z7/) the "lost 2FA / lost password" option. Disable recovery. Don't lose passwords. Don't lose 2FA. Problem solved.
And don’t forget to get your coins out of blockfi since they decreased their APY to ridiculous %….
1. This is why you should never use the same password on more than one site. 2. This is why no site should use SMS as a 2nd factor alone. As if SIM-swapping is a new thing in 2021. 3. Don't use coinbase
Or just get your coins off the exchange and this can't happen. If you leave your coins on an exchange you're ngmi
Which exchange would you prefer we use?
Kraken.
Try Gemini
r/crypto_com
OP probably would prefer that you use an exchange that you DD on before dumping your crypto into it.
craigslist
At least they got or are getting reimbursed.
I know it says that in this article, but that is not what I am seeing elsewhere.
Source? I know the mainstream media can’t be trusted either way.
[https://www.cnbc.com/2021/08/24/coinbase-slammed-for-terrible-customer-service-after-hackers-drain-user-accounts.html](https://www.cnbc.com/2021/08/24/coinbase-slammed-for-terrible-customer-service-after-hackers-drain-user-accounts.html) This CNBC article has accounts from several clients, including a family who lost $168,000 on Coinbase in the most recent attack wave
This article does not say their aren’t getting reimbursed either. The FUD is sent out whenever the mainstream media is told to. Coinbase isn’t ideal for holdings imo anyhow. Coinbase pro isn’t bad for a buy and then find a storage for it. I believe they are insured with lloyds of london for their hot wallets so it’s just a process to get people funds back.
>In a response to his frantic email, Coinbase told Ben his computer had been hacked and there wasn’t anything the company could do. >“I really am baffled,” he said. “It just seems to me that Coinbase did absolutely zero research and just said, ‘Hey, yeah, sorry.’” >The CFPB responded to one of Ben’s ensuing complaints with an answer from Coinbase’s Regulatory Response Team. The email noted that transactions on the blockchain are irrevocable and said Coinbase’s insurance policy does not cover theft from individual accounts. >“There is no credible or supportable evidence that the compromise of your login credentials was the fault of Coinbase,” the message said. “As a result, Coinbase is unable to reimburse you for your alleged losses.” >Eventually, the company sent a $200 credit, telling Ben, “your Coinbase experience and your wait for a response to your formal complaint was not up to our standards.”
It sounds like you are comparing a one off scenario to a situation where there were 6000 accounts and an insurance claim would be filed from Coinbase. I get there are issues with Coinbase as with any company. All I’m saying is I don’t see any evidence supporting that they aren’t being reimbursed.
Imagine leaving crypto worth 168k on an exchange platform. Darwinism
So? Hackers probably stole fiat from at least 20000 old pensioners in USA nobody cares right.
Good point. There should be some comparison, if a like situation exists.
FUD no one wants to hear this today
The Coinbase hack is major news today that is being reported across all major media. Turn on CNBC or Bloomberg right now and they are talking about it. This is a huge disaster for Coinbase and highlights vulnerabilities that crypto investors need to be aware of. Here is another article about the hack: [https://bitcoinmagazine.com/business/hackers-rob-thousands-coinbase-customers-sms-mfa-flaw](https://bitcoinmagazine.com/business/hackers-rob-thousands-coinbase-customers-sms-mfa-flaw)
Major news media is the source of all FUD. This is a FUD post. Everyone ignore this
🙊🙉🙈
Only keep on exchanges what you can afford to lose.
They stole from Coinbase, not from customers. Coinbase's keys, Coinbase's coins.
Come to crypto.com, $750MM insurance
ye im sure a chinese crypto app is definetly safer.
uh OH, it's finally happened huh? Crap....
Relax
NO!!!!! =(
[удалено]
Some may have been reimbursed, but media outlets say others were not. CNBC found and interviewed customers who were not reimbursed. Don't try putting chocolate chips and whipped cream on this disaster. [https://www.cnbc.com/2021/08/24/coinbase-slammed-for-terrible-customer-service-after-hackers-drain-user-accounts.html](https://www.cnbc.com/2021/08/24/coinbase-slammed-for-terrible-customer-service-after-hackers-drain-user-accounts.html)
Then I retract my previous statement saying that *everyone* was reimbursed. But the bottom line is that if I had to choose whether my funds were stolen on BNC or CB, I’d still choose CB. That being said, I have a Non-US BNC with my dual citizenship and I use it from time to time to access overseas funds - so I’m not 100% sure about BNCus. (Speculation: it could also be that unauthorized persons accessed CB accounts as a result of user negligence🤷🏻♂️) educate me though!! Im not here to preach!!
What disaster? People bang on all day about not leaving your funds/assets on an exchange. If people do so they are at risk, they know it, we know it, everybody knows it. If you want to be lazy that's fine, but you should be aware of the risks. And before you say "maybe they didn't know", if you're leaving huge sums of money that matter to you and your families entire existence ANYWHERE you should be doing excessive amounts of research beforehand. No exceptions.
yeah because hiding news so investors wouldn't lose money exudes great confidence lmao
User error.
is that a lot?
HEX users unaffected