Coinbase hack rumor

[chaser15]

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.

[aardvark15]

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.

[Arrakeen]

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.

[BillyBobZorton]

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.

[harizen]

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.

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.

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.

[carlfebz2]

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.

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.

[piloder]

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.

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...

[Quickseller]

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.

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.

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.

[RJF19]

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.

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.

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...

[franky1]

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.

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

[lite]

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 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.

[coolcoinz]

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  

[expressbtc07]

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

[deadsilent]

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.

[calkob]

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   

[Xester]

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.

[Orange Mango]

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

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 ?

[Dmitry.Vastov]

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.

[juras54]

Coinbase hack it is reliable information or not?

[GMPoison]

Coinbase hack it is reliable information or not?

No.