Coinbase has released a breach notification letter this week saying that a minimum of 6,000 user accounts were victim to hackers. The exchange has stated that the breach took place between March and May of this year. What We Know The letter notes that unauthorized third parties exploited Coinbase’s SMS account recovery process and transferred user funds to accounts outside of Coinbase. However, the company added that in order to do so, those third parties needed to have email addresses, passwords and phone numbers – as well as email access. Coinbase believes that users fell victim to a phishing attack, or some sort of equivalent, in order to have this information exposed, and that there was no evidence to support that the information was taken directly from Coinbase. The exchange states that account recovery protocols around SMS were updated after Coinbase discovered the issue. The letter closes that some accounts have already been reimbursed and that all accounts would be fully compensated equal to any losses incurred. The letter was also posted on the California Attorney General website. Since going public earlier in the year, COIN has faced substantial headwinds, with less-than-stellar stock market performance. | Source: NASDAQ: COIN on TradingView.com Related Reading | Bitcoin Price Blasts Off With 10% Move, But Is This The Start Of More? Safety First While the amount of hacked crypto has not been dis...
