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Author Topic: Sad news - Coinbase is leaking your information  (Read 276 times)
Ayiranorea
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November 08, 2019, 02:02:27 PM
 #41

That's why it's always important to read the privacy policy of websites before we agree to them for all we know, our information which was supposed to be safe are being given out to who knows what but in the case of Coinbase I am sure that their customers agreed to it willingly and they can't be faulted if they didn't read their Privacy policy.
Well said, we never go through the privacy policy which were quite often updated. If we've read the privacy policy and then agreed this could've never been a big issue. Coinbase has a good reputation among the entire list of exchanges. This is why people always expect for a decentralized platform for trading needs. Right now we've got decentralized exchanges, but due to low liquidity it hasn't got used much. Maybe in future more people will start avoiding centralized exchanges who request to complete KYC.

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November 08, 2019, 02:26:17 PM
 #42

Coinbase is sharing information about your account with third parties, which may include information such as: how often you open the app, which devices you open it from, and what the IP address of those devices is. Absolutely unacceptable behavior.

Source: NY times https://www.nytimes.com/2019/11/04/business/secret-consumer-score-access.html

Oh this is actually surprising! I mean, one of the things on why I heavily recommend coinbase is due to their security and reliability. Back when its website was hacked and thousands of coins were scammed, some got reimbursed by the site which is something that is unique to their system.

Upon knowing that they leak my information online, I am convinced that I should replace and switch to my local wallet instead as this may cost and endanger my identity/personal life in the future.


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November 08, 2019, 02:47:44 PM
 #43

Someone didn't know about it? I think after so much news about coinbase, it was possible to draw certain conclusions for yourself.
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November 08, 2019, 03:06:25 PM
 #44

This happens with many exchanges. Be prepared that this can happen to anyone.
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November 08, 2019, 03:26:32 PM
 #45

Coinbase is sharing information about your account with third parties, which may include information such as: how often you open the app, which devices you open it from, and what the IP address of those devices is. Absolutely unacceptable behavior.
It is not a surprising news if you know that all the application you use in your mobile phone or otherwise will monitor all your activities including your IP address and when it comes to application they have the capability to monitor your contact list and gallery and you need to expect these companies to share your sensitive documentation because you are giving them the authority to do so in the terms of service. It is unacceptable behavior and you cannot do anything about it, the only solution, stop using them  Wink.




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November 08, 2019, 04:13:21 PM
 #46

This happens with many exchanges. Be prepared that this can happen to anyone.

this happens to many exchanges , but the difference is that Coinbase is cooperating and sends the data when asked
while the rest of the exchanges are either too small to show up on the radars while doing the same
or just get on the news because they are hacked and thus are only guilty of crappy security
Binance investigated a potential KYC data leak and the extortion attempt not so long ago :
https://www.newsweek.com/binance-hack-telegram-kyc-data-extortion-changpeng-zhao-cryptocurrency-bitcoin-1452989
more exchanges lost their data left right and center , this what makes me be very cautious about sending my KYC verification to any of them
now you do not know what is less safe - getting your data leaked to some darkweb dAtabase or have the government know that you are a trader
and doing business selling/buying bitcoins with not so much taxes coming their way

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November 08, 2019, 08:21:50 PM
 #47

For those who are fond of doing KYC just because they want to get some few dollars from an ambiguous exchange. Am always cautions of my identity online and not to expose myself. We  must be cautions of these exchanges that are been use by government agencies to get investors data. The last thing I will do to get few dollars is KYC.
This is an important thing that must be considered, do not carelessly provide our personal data, especially only for a few dollars promised. Unless it provides enough feedback, it can be considered. Well, Coinbase is ranked first in the top 20 cryptocurrency exchanges in terms of web traffic, the results of an ICO Analytics analysis in October.
I have no problem with the involvement of third parties, as long as it can have a positive impact, for example, to find out what devices are used, time and place, so that we can find out if someone uses our account from other devices that are not ours. It could be because it was hacked. It is important as a warning.

 
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November 08, 2019, 08:49:24 PM
 #48

Since your phone, computer and bank is probably already doing this should anyone be surprised? Even if you keep your coins properly offline, as soon as you spend them or send them it's likely someone somewhere is logging it.

I assume everyone's watching me closely unless they explicitly state otherwise. Even then I'd assume they were trying to dupe me.

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November 09, 2019, 12:48:59 AM
 #49

Coinbase is sharing information about your account with third parties, which may include information such as: how often you open the app, which devices you open it from, and what the IP address of those devices is. Absolutely unacceptable behavior.

Source: NY times https://www.nytimes.com/2019/11/04/business/secret-consumer-score-access.html
As others have said, it's no surprise here that's why it's really hard to stop anonymous in crypto because everyone is selling our info, even to those who we thought at going to protect our info such as crypto platform.

Still boils down as to how much money they can get sharing our info. Everyone has a price now, so at least learn how to protect our online data otherwise everyone is watching our every move.

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November 09, 2019, 03:17:03 AM
 #50

Hopefully in these sites the privacy of the information is respected, because otherwise, this means a setback in the crypto ecosystem, because people begin to distrust and then there are many criticisms, which moves investors and new ones away potential users.
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November 09, 2019, 04:17:35 AM
 #51

It's a good thing that I haven't used Coinbase before but as what others are saying, even trusted exchanges these days could leak our personal information. I think that's one of the risks that we're taking here and we got no choice but to find ways to protect it or to put limits in providing too much of our personal information. Everything online is really hackable and could leak these days.

 
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November 09, 2019, 04:28:20 AM
 #52

It really shouldn't come as a surprise at all. It's a common practice for the various major corporations to share information about your behavior and your activities. It's to their interest to use the identifying information to identify the various high risk individuals and improve their security. Everything is clearly outlined in their privacy policy and it should be assumed that all your personal information is easily accessible.

Unless you're using an OTC exchange which can guarantee your privacy, you should assume that your personal data is getting shared.

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November 11, 2019, 07:09:10 PM
 #53

Coinbase is a US company and domiciled in the US, so you should expect that of they really want to stay in business, they have to dance to the tune of the government and one of the way they will do that is to be providing the government every information that they need so as to actually be able to perform some of their financial duty on those people, but there is nothing we can do about that as long as we continue to make use of these centralized exchanges.

Our information will always be leaked to them and which they might decide to sell our data or provide it upon request to the government when they need it. The only way we can avoid this is to actually start using decentralized exchanges which will be very much impossible for the government to influence this and which our information will stay safe on them.

 
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November 11, 2019, 11:44:17 PM
 #54

Unless you're using an OTC exchange which can guarantee your privacy, you should assume that your personal data is getting shared.

OTC exchange can mean anything. Nowadays there are plenty of regular crypto exchanges offering OTC services to their wealthier clients.

As long as there is a centralized entity between you and the person you are transacting with, there is no such a thing as being guaranteed any level of privacy.

I think you are referring to a decentralized exchange? If so, then that's a decent option, but not the best as there is little serious liquidity available which generally leads to massive spreads. I doubt we'll see that change any time soon as people have been begging for decentralized exchanges for years now and there has not been much progress in the liquidity field at all.

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