Bitcoin Forum

Rumor that coinbase has been hacked.

Reason why Bitcoin is taking a nose dive?

https://community.coinbase.com/t/coinbase-was-hacked-and-they-are-lying-about-the-situation/13187

I don't see much people posting in that thread so I doubt Its anything serious. It has been reported that they have some issues in the last few hours too https://status.coinbase.com/ and their trading volume is nothing compared to the other exchanges , so even If they got hacked as claimed , I doubt It was the reason for this price decrease.

We are waiting for the confirmation from their CEO Armstrong, I hope on big exchanges will be hacked any more. This is painful to the big exchanges, and negative to bitcoin price and future.

indeed, i dont see many posts around here so, there must be confirmation, i dont think that will affect too much, even if the news are true, everything will continue its course and bitcoin price will continue raising

I would doubt this is true. I believe that coinbase was having some issues with their system capacity when many people were trying to access their coinbase accounts at once.

I don’t think that it is something that we should be panic about. I was expecting the downfall of bitcoin price (expecting is different from hoping), and now we might see further downfall till $800 and then again sustainable price rise after that.

We have enough users in this community, and any serious news would arrive on bitcoin discussion board within a couple of hours after happening. At this moment everything is going naturally and nothing to panic about.

I am still not convinced of the truth of this story. we are just waiting for some future time what actually happened.

Yes, whenever the price is rising highly we can see the rumor " hacking and hacking" .
I feel so bored. how about the security of coinbase? I hope that is only rumor.

Was expecting something legitimate...

Well, it better be the case, otherwise the will go bankrupt... or maybe not, but that's what they deserve, specially after all the IRS fuckery and so on, which is expected but it still pisses people off, specially with Brian Arrstrong has been attacking core, shilling classic and other crap, shilling alts like ethereum and being anti segwit.... fuck those guys. We really need decentralized exchanges soon. Hopefully with the LN we can have fast velocity decentralized exchanges, this "hacking" bullshit needs to stop.

You would have heard something by now, so I think it might just be a capacity issue or something smaller. I checked and my few Satoshi's

there are still fine.  ::) I guess if they want to hack a exchange, they are not interested in small change.  ;D .... I just hope if this happens,

that they will handle the communication a bit better than Bitfinex.  :P

I used them just fine no issues here

This is the way the rumors come and then the users react on that basis and then tell that this are the reason behind the fall of price in bitcoin but this are all false news as the small traders and panic sellers have sold their coins in low and now back the price is bouncing and the panic sellers are felling sorry for their sales.

Still their is no confirm news of anything about coinbase hacking

People always post rumours when the bitcoin price goes up, hoping to panic people into selling.

We saw the same thing last year when Ether was making it's all time highs - there was a poster who kept popping up to claim Coinbase was insolvent. It was rubbish, but it was designed to panic people holding money on that exchange.

You'd think people would be wise to these ploys by now...

Hold on, they haven't turned anything over to the IRS yet.


A hearing over the subpoena is currently scheduled for January 17. So far, Coinbase has yet to turn over any of the customer information.

I wont believe this news unless Coinbase will give a word regarding on this matter.I just logged in on my coinbase acccount and it works well and nothing happens on my bitcoin.Therefore theres no signs of being hack or compromised on coinbase.Ill follow this thread if this is true or just hoax.

What do you think about this rumor? I suppose that it's not right. They want the market down so They can buy bitcoin with cheap price.
Fucking the rumor. I can not stand with shit rumor.

I do not see issues either.

This is rumour so that they can talk the price down and bag more cheap coins. It's time to fill your bags as we are on the S curve to the moon.

i am not using it but i have been hearing people report that they can use GDAX which is the product of coinbase and they have no problem with using it.

but it certainly is strange they they didn't release an statement saying they were down because of overload or a hack.

Although Im not using Coinbase as storage purposes, I suddenly checked my account there the moment I read the details in the link and did a request for a small transaction for another party to verify if all funds are not being credited .

The process goes smooth so I think it's a FUD to make people panic or only chosen people experienced those problems. I will wait for further news about this.

This could be the reason for the price drop, but we were probably going to have a drop anyway. Plus any negative news or rumors are going to have an affect even if they aren't true.

The only issues I'm having (and assume others are having as well) is with the mobile app not connecting.

Their website works fine, and I've made multiple successful transactions from the site immediately after attempting to use the app.

We need sources, I still haven't seen any. Im waiting for Briam Armstrong to tweet anything about it.... and even if it really happened, he will never admit that this was a hack, because we all know what a hack means, a hack basically means "I got he money and run", or any sort of other inside job. Basically all "hacks" ever have been inside jobs from people that were supposed to take care of the private keys, but they wanted at the right moment (always during price rallys) to get the keys and run. I hope this is not the case again.

By reading some comments at the given link, majority there have a problem but it's odd that no one from bitcointalk.org have the same response, at least in some of the cases while the bitcoin price is on rampage mode. Have some small funds too from Coinbase and I just checked it was still there.

If Coinbase will make a statement about someone breached their security then that is a different story and Im not a believer of those hacking thing issue of exchanges. Totally a fraud one.


Actually Im not looking for a reason for the price drop since it was expected and I don't see the price it sits today as a low one to consider. Still it's far better than returning to $600 below.

I don't think so that this news the the primary reason why bitcoins price sudden drops a while ago.Theres no official news yet from coinbase and also if they are being hacked most people who use coinbase here will surely shout out regarding on this matter but seeing the comments here coinbase is just fine.

But i think major reason is yuan getting stronger against USD which was not expected by anyone and completely opposite of what financial/trading experts have predicted. Due to this chinese seems to be moving bitcoin back to yuan expecting yuan will get more stronger however this may not go too longer, we will soon see huge buy volume from china. Its buy time... ;D

1- the IRS issue is not their fault, they are involved in litigation with the IRS and are potentially being forced to hand over records.

2- LN will not make for decentralized exchanges nor will it prevent exchanges from getting hacked. If anything it will probably make exchanges more vulnerable to hacks.

3- coinbase and Armstrong have a right to their opinion and have a right to want their business to move in the direction of their choice. As a general rule, their opinions about what is best for Bitcoin are probably right but that is offtopic here.

The last time a major meeting among the miners regarding a potential block size increase and potentially parting with support of Core, there was heavy FUD of coinbase being insolvent on blockstream friendly mediums.

Thanks for mentioning these issues. I know it is convenient to blame Coinbase for any downward price movement but lets get real, they aren't big enough to create that type of change in such a short time period. And, if anything, they are fighting for the investors, not throwing them to the dogs. So, hate if you want to but, I see them surviving and thriving...

actually LN would make things safer.
imagine coinbase had a public/private keypair and the customer did.. coinbase never gets hold of the customers privkey.
they form a multisig and independently sign the transaction..
coinbase cant move the funds alone with out the customer signing off on it
customer cant move the funds alone without coinbase signing off on it.

thus a hacker cant either.

imagine it. when signing up to coinbase you supply them with a PUBLIC key you created.

to log in. coinbase show a random message and ask you to sign it independently. and you send them the sig.
coinbase validate its really you by knowing its a signed message validated by the public key.

the PUBLIC keys of you and coinbase are used to make a multisig. and this becomes your deposit address..
you put funds in and then instead of looking for a balance on coinbases database you are looking at the funds in the LN tx instead

where the LN tx is an actual broadcastable tx of actual funds. no mysql random entries, but an actual bitcoin amount yet to be broadcast.

neither parties see each others privkeys all they send and receive to each other is signed tx's

I think bitcoin price fell because of yuan gains? or it's just a huge correction? maybe it's both lol, i hope bitcoin continues it's climb.

There has to be a hack or even a suspected one every time the price climbs, so the speculators can get more. We already had 5x China bans Bitcoin, we had a silk road bust, we had FBI auctions...
Calm down people, Bitcoin will continue to Bitcoin  ;D

Forbes is on it

The 2 Factors That Drove Bitcoin's 20% Overnight Price Plunge
http://www.forbes.com/sites/laurashin/2017/01/05/the-2-factors-that-drove-bitcoins-20-overnight-price-plunge/#2eaa9234563c

Dont worry guys. We are back again to $1000+. Im little bit worried bout what happen earlier because it drops to $900+ quickly. If the rumor is true. I guess its doesnt affect much the price because it recovered quickly. The rally is not over. I think i should lessen my drinking of coffee. Its making me nervous.

I wouldn't doubt it, like seriously yes the price was going up to quick but to take such a nose dive in 2 hours.... i just dont get it, the fundamentals haven't changed.  Still gonna be the best performing currency in 2017, mark my words   ;D

I dont believe anymore on big sites being hacked. It always happen when the price of bitcoin goes up. It is something fishy and why cant big companies protect themselves from a hack attack they have all the resources and can hire masters on this field. Being hacked are possibly just a facade to hide the fact that they suffer big losses due to the price increase or they want to take the opportunity to steal peoples investment and blame the hackers.

Maybe it is the reason. I did wonder what the reasoning behind it was. But did enough people see that thread and was it bigger bitcoin holders who mostly saw it or smaller ones ?

If its hacked, the price is still dropping until now. But its not. Coinbase is huge site. It cant be taken down so easily.
Maybe its just whales who just dump their btc. Its really normal. We are back again to $1000+ ($1018 to be exact).
If Coinbase is hacked. Bitcoin is really strong.

Coinbase hack it is reliable information or not?

No.

I agree with you. There is no hacking at all for coinbase and I checked all information. Coinbase hacking is a rumor.
I add more information . some big investors had sold bitcoin for good profit. As you know with 15%-25% profit in some days of trading or 50%-60% in 4-5 months what do you want more?

somebody was trying to capitalize on the Coinbase situation of being out of service, it is possible that they were attacked just to spread this lie and FUD to make more profit from the fall.
the coinbase support did answer this here afterall https://community.coinbase.com/t/coinbase-was-hacked-and-they-are-lying-about-the-situation/13187/19

Thanks for the link buddy and now i know that this rumor will stay really as a false rumor because support staff of coinbase already answers the allegation regarding on their service and i am right not to believe at the first place because i cant believe that coinbase would easily be hacked.

Now what? Is anyone experiencing this problem or is it just me? 3 multiple login attempt and got this error.

https://s24.postimg.org/bv18ct8k5/coinbase.png

Will try to login later and see if it will prompt again like that.

I can't load it either, but http://downforeveryoneorjustme.com/coinbase.com reports that it's up.

that site only tells you that it can see a response from the URL you give it, it doesn't say the response is a blue error custom page. it only gets regular http errors.
it is best to check this site for status: https://status.coinbase.com/

in any case if you are using it as wallet you should withdraw and use another wallet.
and for exchange try GDAX(?) it is from coinbase and i heard it is operational. or other exchanges.

Coinbase is really up that's why it's fine at that site. We can visit Coinbase at no problem at all.

The problem is accessing the inside stuff of the site. Can't reached the dashboard to perform transactions.


Yes looking it now. Thanks.

Im experiencing the same thing too which shows me error and shows this blue page too.I dont know whats the reason and same as yours i checked it if its up or down but it say "UP" and i really want to know whats happening on coinbase?I do have transaction to made since my bitcoin was stored there.Hope this would be fixed.

I think that Coinbase had some issues,that's why were some some rumours circulating around,that Coinbase was hacked.Because in this period the time,when Bitcoin's price rises hugely,people expect that hackers are involved ,if some sites have some issues.Anyway I don't think that's the case with Coinbase,if he had some issues,will resolve it.

It was indeed not working earlier. I also got that blue error page.
But, it's fine now and according to their status page, everything is now fully operational and site is stable.
https://status.coinbase.com/

---

I also do not buy this "Coinbase hack rumor". But, it should be noted that it did take them 2 days to resolve this "issue" which I think is too long for a well-known exchange/wallet like them.

Bitcoin has a history of targeted attacks, exchange corruption and manipulation, and a swarm of shills

prophesizing against the reality of the situation, the best thing for you to do if the value of your holdings

is worth the trouble, is employing the services of an expert to really find out whats happing in the packets

of your login attempts, whats in the packets of the replies and whether all the security protocols in place

are working properly to rule out things like a man in the middle attack etc,

Also make sure you cover the easy things first so as not to waste time or money.

Hope coinbase is not hacked, or at least not seriously hacked. Coinbase is the one I used frequently and has always been pretty smooth. It seems to have pretty good security too.

Coinbase is now running smoothly with no problem at all.

Fast loading and response for every directory I was reaching. Already did some transaction for some escrowed I handle just now. Good thing all was fixed now (or I should say, hope it will be running smooth from now).

For those who have funds here and using this as a wallet, it's your time now to make your beloved coins be secured.

If you are a hacker and are good at your job then you should know what bitcoin really is and try to steal any amount of bitcoin in any exchanges or wallets for that matter all at once and hold for future :D. I don't know why people panic when they hear "hack" stop keeping your coins if large amounts in online wallets and exchanges how many times people said it already? of course many employees easily give in to greed and want to have a rolling in coins :).

I use Coinbase, no problems with my account and coins.

The problem what coinbase is facing is the technical problem due to heavy withdraw transaction and the same problem is yobit also facing yesterday as their also high selling and withdraw transaction due to that even yesterday yobit was not able to login. So i thing this problem is not only with coinbase but also some major exchanges where the users wanted to sell of the bitcoin to any price due to afraid of price drop , so that was the only reason and now that is solved so all sites and exchanges are working fine.

This scenario will force coinbase to keep all of the customer money they are responsible for in their hot wallet, and nothing in cold storage.

Say for example, you want to sell on conbase at the market price. You will have an open LN channel with coinbase, and you enter a LN state so that coinbase has the bitcoin you are selling, your oder gets filled, then your account is credited the USD amount of the sale (minus their trading fee). The person you sold to will have their USD deduced from their account, and coinbase will enter a LN state so that the other customer has the bitcoin in their LN channel. In this scenario, anyone holding any amount of USD at coinbase can potentially have their USD stolen.

Now say that bitcoin is trading at $1,000 on coinbase, but you do not want to sell for under $1,050, so you open a limit sale order so that you will sell your bitcoin at $1,050 as soon as there is a buyer, but you need to enter a LN state so that coinbase has the bitcoin you want to sell so they can credit the buyer with your bitcoin as soon as the order fills. So now coinbase effectively has the value of all of the sell orders in their order book in their hot wallet. A hacker would have the ability to steal all of the BTC in the orderbook.

Here is where it can get really bad. A hacker could trick coinbase into thinking that more USD is in your account then what really is, then the hacker could use that non-existent USD to bid up the price of bitcoin on their exchange. Now the hacker would be able to steal the entire amount of bitcoin in the order book, but it would also look like that bitcoin is trading at a premium on coinbase. With the price of bitcoin appearing to be very high on coinbase, other traders will be enticed to place additional sell orders on coinbase, allowing the hacker to gain access to even more bitcoin.

It's better to move for another wallet  ::)

Used them last night and no issues encounter, system outage maybe due sudden BTC price drop and everyone is selling BTC and their system cant handle the volume of transactions or liquidity issues.

Its all fixed now and coinbase is already working smooth as usual maybe they have just a maintenance and seeing the coin stored on my wallet there no problem at all because there no lost amount of btc on which some people said about coinbase.I would still use this wallet and have trust on this service.