Coinbase: Victim of a Major Hacker Attack, 6000 AccountS Stolen From

Ask yourself, if 70% is traded in fake money, what is the real price of such asset???
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@Straitjacket

The real price is... the current price. Because any holder of BTC can convert back to real USD with the click of a button. This happens to the tune of hundreds of millions per day. So if BTC was over-valued compared to USD; we would see net out-flows bringing the price back to market equilibrium. Every Crypto/BTC holder would rather have coins at the current mark rather than standard USD.

But yeah, read the previous discussions since this has already been hashed out. Stablecoins aren't riskless so DYOR; time will tell if the perma-bears are right and they contain the crypto apocalypse or not. In my experience, it seems like most of the guys are really sensitive to the tail risk of the peg breaking view crypto more like some intangible commodity and don't really understand the tech and the potential it has.

Traders should maximize risk:reward. How anyone can look at the traditional equities complex and what has been done with USD in recent years; then look at crypto space, and come off thinking they should allocate 0% to it is a mystery to me. But to each his own.
 
$COIN always gave me a bad feeling. Dismal customer service, I felt like it was not a genuine effort. It was like the IRS teamed with Wall Street and set up this exchange for identifying crypto holders, enforcing tax payments, and underwriting an IPO.

Last year my account balance was once zeroed out, and it made whole a day or two later. I wonder if I was hacked?

https://www.elitetrader.com/et/threads/my-coinbase-account-went-to-0.355371/
 
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Magic said:
@Straitjacket

The real price is... the current price. Because any holder of BTC can convert back to real USD with the click of a button. This happens to the tune of hundreds of millions per day. So if BTC was over-valued compared to USD; we would see net out-flows bringing the price back to market equilibrium. Every Crypto/BTC holder would rather have coins at the current mark rather than standard USD.

But yeah, read the previous discussions since this has already been hashed out. Stablecoins aren't riskless so DYOR; time will tell if the perma-bears are right and they contain the crypto apocalypse or not. In my experience, it seems like most of the guys are really sensitive to the tail risk of the peg breaking view crypto more like some intangible commodity and don't really understand the tech and the potential it has.

Traders should maximize risk:reward. How anyone can look at the traditional equities complex and what has been done with USD in recent years; then look at crypto space, and come off thinking they should allocate 0% to it is a mystery to me. But to each his own.
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Very simple. Crypto are now in fake stratosphere, and I missed the boat and so did many others. I did pick up few ethers for slightly under 2k, but that is nothing. I missed the main run, precisely for the fact, that Tethers could be shut down at any moment. Huge mistake on my part.

would have never thought such fraud would be allowed to get this huge, but hey Crypto is in Alice wonder land now :D
 
mlawson71 said:
The cryptocurrency exchange Coinbase got hacked recently, and according to reports, some 6000 customer accounts were affected. The crypto assets of the affected accounts were stolen as a result of an issue with the systems of the exchange that occurred in a very brief window of time. Hackers apparently took advantage of it the moment they spotted it. The hack apparently took place somewhere between March and May.

What is more alarming is that the hackers were apparently successful in bypassing the exchange’s SMS multi-factor authentication feature, after which all they needed was the user’s pass, email and phone number to steal from their account. The vulnerability in the company’s systems allowed them to transfer their stolen coins to third-party wallets.

According to Coinbase, the hackers gained the info of their clients through phishing accounts.

The company assured clients and media that they have begun regaining the lost funds and has blocked the hackers.

That said, it appears that people will not be reimbursed with crypto assets but equal-in-value payments.

What’s amazing to me is that this story is coming out now, and not when the actual theft occurred. Lack of transparency much?
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It might have been on super bowl sunday. I was a victim of an sim card swap on that day. I foolishly had access to my coinbase account set up as a text message code to my phone to unlock and get into my coinbase account. fortunately i had my coins off the exchange.

they were able to bypass and reset my password because they had control over my sim card/phone and got into my coinbase account. if this is when it happened they did not get any info from me via phishing emails. i always suspected all that info came from another hack either from coinbase own database or other third party vendors that had that info.

Its possible if its related, they were working with insiders at the phone companies and maybe even coinbase itself. I explicitly had a note tied to my phone account that warned phone company personel NOT to allow changes to be made to my account without very detailed information verification. The changes were authorized anyways.

phone company investigator told me the sim card swap was authorized by an manager at the phone company. My coinbase account was the only target during the sim card attack. iv'e since closed my account with coinbase. no more crypto for me...
 
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johnarb said:
Coinbase has 56 Million accounts worldwide. This is a very small number of people who did not secure their accounts properly

I just checked my Coinbase account, nope, no effect on my account

View attachment 268954
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congratulations...you just made yourself a target. I always suspected that the targets were active members on a couple of specific crypto forums bragging about how much crypto they had. In hindsite, I figured the first stage of planning was to read posts and filter out anyone with a decent amount of crypto. step two, hack that forum for email adresses and any other useful into then hack the actual email accounts. Step three monitor emails incoming from any crypto exchanges and phone company bills/ statements etc...

once you have access to email via hacked email account, next step is to gather info on exchange and phone company to prep. next step, time the sim card swap attack carefully. use hacked email and phone in combination to reset relevant passwords gaining access to crypto account/accounts.

if you regularly trade crypto on an exchange, having your coins in cold storage in not an option. Third party on device two factor authentication seems to work as well as having a secure, encrypted email account that you try never to reveal. Or like me, cash out :D

The same technique could probably be used to gain access to bank accounts...some banks still dont offer third party, on device two factor authentication.
 
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Replicant DB109 said:
It might have been on super bowl sunday. I was a victim of an sim card swap on that day. I foolishly had access to my coinbase account set up as a text message code to my phone to unlock and get into my coinbase account. fortunately i had my coins off the exchange.

they were able to bypass and reset my password because they had control over my sim card/phone and got into my coinbase account. if this is when it happened they did not get any info from me via phishing emails. i always suspected all that info came from another hack either from coinbase own database or other third party vendors that had that info.

Its possible if its related, they were working with insiders at the phone companies and maybe even coinbase itself. I explicitly had a note tied to my phone account that warned phone company personel NOT to allow changes to be made to my account without very detailed information verification. The changes were authorized anyways.

phone company investigator told me the sim card swap was authorized by an manager at the phone company. My coinbase account was the only target during the sim card attack. iv'e since closed my account with coinbase. no more crypto for me...
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no need to use coinbase. Just store private keys in cold storage.
 
Replicant DB109 said:
It might have been on super bowl sunday. I was a victim of an sim card swap on that day. I foolishly had access to my coinbase account set up as a text message code to my phone to unlock and get into my coinbase account. fortunately i had my coins off the exchange.

they were able to bypass and reset my password because they had control over my sim card/phone and got into my coinbase account. if this is when it happened they did not get any info from me via phishing emails. i always suspected all that info came from another hack either from coinbase own database or other third party vendors that had that info.

Its possible if its related, they were working with insiders at the phone companies and maybe even coinbase itself. I explicitly had a note tied to my phone account that warned phone company personel NOT to allow changes to be made to my account without very detailed information verification. The changes were authorized anyways.

phone company investigator told me the sim card swap was authorized by an manager at the phone company. My coinbase account was the only target during the sim card attack. iv'e since closed my account with coinbase. no more crypto for me...
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I am so sorry this happened to you. Having been robbed myself (although it was a physical robbery, a long time ago) I remember how deeply upsetting it was.
 
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