6000 coinbase clients hacked

[SFR10]

Some points before people starts panicking:

The hack took place between March and May 20 of this year

Based on the time/period that it took place, I wonder why they didn't make a "public" announcement about that incident?
BTW, for those that would like to read the Coinbase letter without having to download the PDF file, you can refer to the following link instead ^{["Coinbase notification"]}: Hackers rob thousands of Coinbase customers using MFA flaw

Did news of the hack appeared just now or is it Reuters recycling old news to try to create FUD or something?

I remember reading a bunch of hack reports in the past few months but looks like this is the first time that they've made it somewhat public:

• Coinbase Users Say Crypto Start-Up Ignored Their Pleas for Help
• Coinbase account hacked and drained of $170,000
• MY ACCOUNT COINBASE ACCOUNT HACKED FOR $120,000
• Coinbase slammed for what users say is terrible customer service after hackers drain their accounts

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[michellee]

The one thing that we can do to prevent the hacker steal all of our money is not keeping all of the coins in the exchange and it is better to send it to a private wallet that we can control. We can send some amount of money to the exchange just to trade while we still keep the big amount in other wallets so when the exchange getting hack, we still have the other coins and can continue to trade in the other exchange that will be safe from a previous exchange. We are already told that always be careful to keep the balance in the exchanges because there will be a risk.

[cotton ball]

Hackers or hackers are known to exploit flaws in the company's SMS account recovery process to gain access to customer accounts, and transfer funds to crypto wallets not associated with Coinbase, coinbase immediately fixed the flaw and have been working with these customers to regain control of their accounts. and replace their lost money, this should be an example, because coinbase is ready to make up for the loss of its customers..

[Wind_FURY]

How many years has Coinbase been in the cryptocurrency trading industry, and the exchange still, gets hacked, goes down/offline during periods of high traffic, and continues to list shitcoins, giving them legitimacy. DON’T USE COINBASE.

[Pmalek]

This is scary, I have some considerable amount of my tokens in Binance and I am definitely risking those coins from being atolen because I don't have any hardware wallet and the hardware wallets that store those tokens are so expensive and a lot of the tampered ones are spreading online, being sold to unknowing newbies.

Can't you invest a small part of your "considerable amount" to improve the safety of your digital assets? The cheapest hardware devices sell for $50-$100. That's a one-time payment for the whole life span of that device. When you think about it, if you withdraw Bitcoin twice from an exchange like Binance, you would be asked to pay withdrawal fees of around $50 in total. That's already the value of a Nano S for example.

Don't buy hardware wallets from unofficial sellers online. Purchase them from official websites or affiliated and official resellers. If a reseller is located close to your place of living, you will have an additional advantage of not having to ship the gadget to your home and have the company store your personal data on their servers. 

[Dhoe]

coinbase was hacked, it's really a pity, the coinbase must immediately fix any shortcomings, so that in the future something like this doesn't happen again, and doesn't disappoint people who have been loyal to storing in coinbase, even though the coinbase is willing to pay compensation, but the coinbase should immediately fix their shortcomings..

[bryant.coleman]

coinbase was hacked, it's really a pity, the coinbase must immediately fix any shortcomings, so that in the future something like this doesn't happen again, and doesn't disappoint people who have been loyal to storing in coinbase, even though the coinbase is willing to pay compensation, but the coinbase should immediately fix their shortcomings..

Coinbase was not hacked. The coins they had in cold wallets and hot wallets are all safe. Some of the user accounts were hacked, as the criminals exploited a common vulnerability. And as far as I know, the criminals stole coins from other exchange users as well, but they are yet to confirm this. The hackers made use of the SMS account recovery process that is being used in Coinbase. There are several other exchanges that use the same function. Anyway, most of the customers have regained access to their accounts and Coinbase has issued a statement clarifying that it will reimburse the losses (although I don't think that they have the liability to do so).

[bitterguy28]

The vulnerability of e-wallets is often written about, so you need to be prepared. you should think more carefully about the safety of your money.

this is the reason we must all have Ledger or Trezor wallets to keep safe our funds because we cannot trust exchange that big as they are the main target of hackers scammers .
meaning all of us are in the circle of target if we will put our money inside exchange for long term,just use exchange once you need to trade.
then after best to withdraw and keep safe in your wallet that you hold the Keys.

[Twinkledoe]

The vulnerability of e-wallets is often written about, so you need to be prepared. you should think more carefully about the safety of your money.

this is the reason we must all have Ledger or Trezor wallets to keep safe our funds because we cannot trust exchange that big as they are the main target of hackers scammers .
meaning all of us are in the circle of target if we will put our money inside exchange for long term,just use exchange once you need to trade.
then after best to withdraw and keep safe in your wallet that you hold the Keys.

Not a must to have ledger or trezor, but even if you are using electrum, you can already be secure if you know how to secure your keys. Not all crypto users can afford to purchase those hardware wallets. There are other cheaper ways how to avoid possible hacks without purchasing hardware wallets and it has been discussed here in the forum over and over again.

[cheezcarls]

Sad to say that no matter if these centralized exchanges have improved their security system, these hackers are just one step ahead by knowing how to counter that restriction.

I do have a Coinbase account but never used it for years and have zero balance as of this time. It would be stressful for me if I am one of those 6000 being victimized by that hack.

[zanezane]

Thats why i don't want to store my assets into exchange even tough most people call coinbase is the best exchange in the world it still very risky to store our aseets into it. I personally store my asset on MEW, i think MEW is the best platform for us to store our asset.

Who said that Coinbase is the best wallet? Losing to hacks and cyber attacks these past few years isn't really making anyone believe that Coinbase is the best one there is. The best way to store them is through hardware wallets or other offline wallets so you can be assured that your crypto will be secured.

[Baofeng]

Sad to say that no matter if these centralized exchanges have improved their security system, these hackers are just one step ahead by knowing how to counter that restriction.

Yes, that's how the game is here in crypto, criminals are always one step ahead of the game. It is us that keeps on adjusting, and then hackers will find another loophole, exploit it, going to be cyclical. The only weapon for us is to really learn and educate our selves how to protect our assets.

I do have a Coinbase account but never used it for years and have zero balance as of this time. It would be stressful for me if I am one of those 6000 being victimized by that hack.

Good for you, but for those who have lost their money, Coinbase says that they are going to compensate them, not sure if it's going to be in portion, or just one drop.

[Wind_FURY]

Plus the owner of Coinbase, Brian Armstrong, is truly anti-Bitcoin deep inside of him. He has supported ALL “proposals”, which are actually ATTACKS on Bitcoin, like Bitcoin XT, Bitcoin Unlimited, and he signed the New York Agreement for a hard fork to Segwit2X, another attack on Bitcoin.

[worle1bm]

The exchanges are already in the custody of your private keys and whenever they want to become a scam they can shut down operations with million dollars scam as we have seen in the past also.The hackers usually push malwares and got access to the users private keys and you all know the funds are then not yours.These types of news are not new exchange are prone to risk of such hacks.

[oHnK]

Plus the owner of Coinbase, Brian Armstrong, is truly anti-Bitcoin deep inside of him. He has supported ALL “proposals”, which are actually ATTACKS on Bitcoin, like Bitcoin XT, Bitcoin Unlimited, and he signed the New York Agreement for a hard fork to Segwit2X, another attack on Bitcoin.

When market conditions are starting to recover, it is surprising why there is news like this.  If crypto players are not wise in reading the news then it will be very clickbait to become a bad issue for the market.  Meanwhile, if you read it in its entirety, they accumulate cases of customers who were hacked for several months and have passed.  Equivalent to big exchangers in the US, why is this always repeated, do they not have any risk mitigation and maybe this is just a form of speculative bookies.

[Leviathan.007]

That's not the first time when we hear some centralized exchange is hacked and it's not going to be the last time to see such news regarding these exchanges. Since the security is never complete there is always a security hole, any website or exchange can be hacked and is the possibility is real. That's why I always keep my assets in my own wallet instead of exchange and usually I suggest my friends do the same thing because not your keys, not your coins.
 

[imstillthebest]

That's not the first time when we hear some centralized exchange is hacked and it's not going to be the last time to see such news regarding these exchanges. Since the security is never complete there is always a security hole, any website or exchange can be hacked and is the possibility is real. That's why I always keep my assets in my own wallet instead of exchange and usually I suggest my friends do the same thing because not your keys, not your coins.

like the op said , the hackers can sell your info into the other criminals. you may not loose any of your cryptos from the hackers in the centralized exchange your using but you could hand them out easily once the other criminals get inside your house and point deadly weapons at you .  
the best solution is dont use any centralized exchange at all  or if possible supply fake details when using a centralize exchange , some wont require a kyc tho .

[JohnBitCo]

Some points before people starts panicking:

The hack took place between March and May 20 of this year

Yes, this is not a recent news so why the reuters published it on 2nd of October. I could see it was a failed attempt to create a panic in the market. I understand that coinbase data getting hacked is not a good thing but for me there are some hidden agenda by publishing this news at this time when market is booming.

[Kakmakr]

Well, for all intent and purpose... Coinbase has acted like a Bank for a long time.. and Banks get robbed. They also have a long history and reputation for shitty customer support, so I will not put it past them.. that one of the people from the inside.. leaked the data.

The question is.... Why has this been swept under the carpet for months? They obviously did not want the bad publicity and/or it was a inside job and they covered their a$$es. 

[NotFuzzyWarm]

The question is.... Why has this been swept under the carpet for months?

It  wasn't. They notified folks whose accounts were compromised and dealt with it. The only new thing is that Reuters decided to (again) make it 'news'. Must be a slow week for them?