Coinbase Claims Hackers Stole Cryptocurrency Nearly From 6000 Accounts

In a huge operation, tens of thousands of Coinbase users were hacked. 6,000 people’s cryptocurrency was stolen, and their accounts were emptied.


We told you about the “largest heist ever” in August of last year. PolyNetwork, a decentralised finance (DeFi) startup focused on crypto coin interoperability, was hacked, and $600 million in bitcoins were stolen.

Just days following this incident, Japanese bitcoin exchange Liquid was also hacked, losing $90 million in cryptocurrency, according to the company.

Coinbase, the second-largest cryptocurrency exchange in the world, has now announced that a threat actor stole bitcoin from 6,000 of its customers.

The robbery was carried out by exploiting a flaw that allowed the criminals to get through the company’s SMS multi-factor authentication security feature.

In brief, the weakness allowed the perpetrators of the hack to text the victims’ 2FA tokens.

A message from Coinbase was given to the victims of the heist. The message suggested that the problem lasted at least a few weeks.

“Unfortunately, between March and May 20, 2021, you were a victim of a third-party campaign to gain unauthorized access to the accounts of Coinbase customers and move customer funds off the Coinbase platform. At least 6,000 Coinbase customers had funds removed from their accounts, including you,” the statement reads

The firm went on to say that the hackers needed access to the individuals’ personal email inboxes as well as knowledge of the email address, password, and phone number linked with their Coinbase accounts.

That is obviously a large amount of data. Because there was no indication that these third parties gained this information from Coinbase, the business assumed that it was obtained through phishing campaigns or other social engineering techniques.

A user trolled coinbase for their big responsible announcement later this month and getting hacked afterwards.

Another user tweeted about his hacked account statement.

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IMAGE CREDITS: istock