Coinbase, a US-listed cryptocurrency exchange, has been hit by a hacking attack that affected nearly 6,000 customers whose cryptocurrency was stolen after perpetrators discovered a vulnerability. according to ComputerCiting a notice the company sent to its users over the course of the week, the incident occurred between March and May 20, 2021.
The vulnerability helped hackers bypass Coinbase’s multi-factor authentication feature. In fact, the attackers only needed customers’ email addresses, passwords and phone numbers to steal their cryptocurrency. While it is unknown how the attackers gained access to this information, Coinbase believes that it is through phishing campaigns targeting Coinbase customers to steal account credentials, which has become common. In addition, banking trojans traditionally used to steal online bank accounts are also known to steal Coinbase accounts.”
The flaw allowed hackers to transfer funds to third-party wallets not linked to Coinbase. “We immediately fixed the flaw and worked with these customers to regain control of their accounts and compensate them for the money they lost,” a Coinbase spokesperson said. Reuters. However, the US-listed company does not believe that information has been extracted from the company itself at press time.
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compensation for victims
To compensate the victims, Coinbase issued the following statement: “We will deposit funds into your account equal to the value of the coin that was improperly removed from your account at the time of the incident. Some customers have already been compensated – we will ensure that all affected customers receive the full value of what they lost. Supposedly That this appears in your account no later than today.”
However, it is unclear whether Coinbase will compensate hacked customers with stolen cryptocurrency or fiat currencies, BleepingComputer noted. Recently, the US-listed cryptocurrency exchange announced that it will add phone support and roll out a series of measures to boost its customer support area towards the end of the year.
