Lot Of Coinbase Users Victim Of Account Hacking
Last Updated on 25 August 2021 by CryptoTips.eu
America’s largest cryptocurrency exchange Coinbase is under attack by its customers. This is coming on the heels of an attack on their wallets by hackers who stole funds. Several of the customers are realizing that the hackers wiped their wallets clean during the attack.
Thousands of Coinbase customers across the U.S have been affected, a CNBC report says. Among the victims is a couple that lost nearly $170,000. According to them, they tried to reach Coinbase concerning the incident but to no avail.
They did respond to one Ben, a resident of Virginia who lost $35,000 worth of different digital assets. The exchange replied to his email and said Ben’s computer was hacked. This according to the representative means it is not the fault of the exchange and so cannot take responsibility for the incident. Another email from Coinbase’s Regulatory Response Team said Coinbase’s insurance policy does not cover losses from individual accounts.
Recurring attacks on Coinbase
This is one of the few times Coinbase customers seem to lose a lot of funds, but it is not the first attack. There have been a series of attacks on the exchange’s customers’ accounts, even though the exchange itself has hardly been hacked. These attacks range from frozen accounts to complete loss of funds.
Unfortunately, there has never been a time when the victims got justice following the attacks. In most cases, Coinbase waived such incidents away, claiming that it is not the fault of the exchange. Attacks also continue because Coinbase customers continue to leave huge investments on the exchange even though they are not trading.
Coinbase not taking caution
Crypto exchanges have come under strict regulatory scrutiny recently. This has led some exchanges such as Binance to make changes to improve the security of its customers. Coinbase however doesn’t seem to be taking such precautions concerning its customers.
The repeated attacks and susceptibility of customers shows the exchange has not upgraded the security of customers’ wallets. It also shows that they have not taken steps to educate their customers especially concerning keeping funds on the exchange.
