Hackers Steal Cryptocurrency from 6,000 Coinbase Users

Exploit: Data Breach, Hacking
Company: Coinbase
Industry: Technology, Financial App
Source: https://www.reuters.com/business/finance/coinbase-says-hackers-stole-cryptocurrency-least-6000-customers-2021-10-01/

6,000 users of the cryptocurrency exchange Coinbase had their accounts compromised after a fault was exploited in the company’s implementation of SMS-based authentication.

Coinbase has sent notification letters to victims of the incident, which happened between March-May 2021. The company stated threat actors took advantage of a vulnerability in its two-factor authentication protocol. Further details have not been discovered, but it is suspected that the cyber criminals may have obtained information associated with victims’ accounts by means of phishing attacks or other social engineering techniques. Coinbase added that there is no “evidence that these third parties obtained information from Coinbase itself.”

In further statements from Friday’s press release, a company spokesperson stated that all flaws were immediately fixed, and they have “worked with customers to regain control of their accounts and reimburse them for the funds they lost.” While Coinbase continues to reassure its stakeholders, they are reminding those affected to remain vigilant with other accounts and platforms as hackers may still be in possession of login credentials information.

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