Published , by Donovan Erskine
Published , by Donovan Erskine
Coinbase is one of the biggest names in the world of cryptocurrency. The website and application offer a convenient way for the average trader to buy and sell an array of different cryptocurrencies, as well as monitor their performance. However, a good chunk of users on the platform seem to have fallen victim to a group of hackers. Coinbase has stated that at least 6000 accounts have had cryptocurrency stolen by hackers.
Coinbase shared the news that several accounts had been compromised by hackers on October 1, 2021, in a letter that was sent to affected customers, which we learned of through Reuters. The letter was also posted on the website of California's Attorney General.
Coinbase states that a flaw in its security system allowed the hackers to skirt around the two-factor authorization required to log into accounts. Once access to an account was gained, hackers transferred funds to wallets not associated with the service. Coinbase is depositing the cryptocurrency lost back into the accounts of those impacted by the incident.