Exclusive Report: Hackers stole from 6,000 Coinbase users

Despite being known for having stringent security measures, Coinbase is suffering from regular breaches. This time, hackers took advantage of a flaw (a flaw in the Multi-Factor Authentication system) and stole from 6,000 users.

They targeted the users by using the company’s SMS-based account recovery process. It is worth mentioning that this feature was introduced in early 2021.

The entire monetary value is not disclosed yet. It is said that Coinbase reached out to these people to notify them about this theft that occurred between March and May.

This attack would not have been possible without the attackers’ knowledge of user account details. Though it’s not clear how they have accessed this information, the investigation is ongoing.

For this reason, the exchange came under the intense scrutiny of millions of people. Allegedly, it received complaints about poor customer service.