Coinbase promised to deposit money into impacted users’ accounts “equivalent to the value of the currency wrongfully withdrawn from your account at the time of the event,” according to the letter.
According to a breach notification letter provided to affected clients by Coinbase Global Inc hackers stole from the accounts of at least 6,000 customers of the cryptocurrency exchange.
The incident occurred between March and May of this year. The corporation also stated that it is cooperating extensively with law enforcement in the inquiry of the incident’s perpetrators. It is also conducting its own internal probe.
”We shall deposit monies into your account in the amount of the currency that was wrongfully withdrawn from your account during the occurrence. Some customers have already been paid; we will make sure that everyone who has been impacted receives the full worth of their losses. This should be reflected in your account by the end of today”, conveyed the team of Coinbase through the letter.
Customers who presently utilize SMS-based two-factor authentication are highly recommended to use a more secure means of account protection, such as a time-based one-time password (TOTP) or a hardware security key, according to the Coinbase team.
”We also strongly advise you to change your Coinbase account password to something new, strong, and unique that you do not use on any other website” added the team.
Coinbase modified their SMS Account Recovery processes as soon as they were made aware of the problem, preventing any further circumventing of the authentication process.
To gain access to the Coinbase accounts, the hackers required email addresses, passwords, and phone numbers. Phishing assaults are common in this form of hacking, according to Coinbase (COIN). In the letter, Coinbase stated, “We have not uncovered any evidence that these third parties received this information from Coinbase itself.”
If you find this article informative then do share it with your friends and family!