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6,000 Coinbase Accounts Emptied By Hackers

Hackers have stolen cryptocurrencies from the accounts of at least 6,000 Coinbase customers as part of a targeted campaign, the Financial Times reports. The thefts occurred between March and May this year. The hackers are thought to have used a loophole in the two-factor authentication system to gain access to personal data.

Account holders email addresses, passwords, and phone numbers were acquired by the hackers, possibly as a result of phishing emails. This is the process whereby the email sender imitates the style of a trusted source, and sends malicious attachments, or links to malicious websites. The hackers also gained access to users’ inboxes.

Coinbase told users: “While we are not able to determine conclusively how these third parties gained access to this information, this type of campaign typically involves phishing attacks or other social engineering techniques to trick a victim into unknowingly disclosing login credentials to a bad actor.”

A social engineering technique is an umbrella term for the ways in which cybercriminals fraudulently obtain information. This could be on the pretext of offering free devices which are infected, or offering freebies in return for personal information. It may be a more elaborate charade to gain a victim’s trust, through a backstory or feigned romantic interest.

Coinbase have told customers that hackers took advantage of a flaw in the SMS Account Recovery process, in order to receive an SMS two-factor authentication token. The full amount stolen was not disclosed by the company, but they are reportedly compensating users in full for their losses.

Coinbase was founded in April 2021 by CEO Brian Armstrong and debuted on the Nasdaq exchange with shares opening at $381, which was significantly higher than its pre-listing reference price of $250.

The public listing of the company was described as a ‘watershed moment’ for the cryptocurrency market, as it was predicted to provide a ‘bridge’ for legacy markets uncomfortable with digital asset investing.

If you are looking for physical crypto coins in the UK, please get in touch today.

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