Crypto exchange Coinbase says at least 6,000 customers had funds stolen from their accounts in phishing attack (2024)

FAQs

Crypto exchange Coinbase says at least 6,000 customers had funds stolen from their accounts in phishing attack? ›

Coinbase said funds were stolen from atleast 6,000 customers due to a phishing attack that took place between March and May. Some customers may have fallen victim to a phishing campaign and turned over their credentials to attackers, a spokesperson told Insider.

Does Coinbase Refund You If You're Scammed? No, Coinbase will not refund you if you're scammed. If you take part in the fraudulent activity that led to you getting scammed, Coinbase will not refund you. You need to do due diligence before sending your digital assets to anyone.

We have represented dozens of victims who have had their crypto currency stolen out of their Coinbase accounts by fraudsters. These crooks infiltrate Coinbase customer accounts, one way or another, and then transfer Bitcoin or other crypto assets to third party wallets through the blockchain.

Crypto exchange Coinbase has confirmed that it was briefly compromised by the same attackers that targeted Twilio, Cloudflare, DoorDash and more than a hundred other organizations last year.

Phishing is a fraudulent practice that can happen through different means of communication, including emails, SMS texts, social media posts, and fraudulent URLs. These attackers will brand themselves and pretend to be Coinbase in order to obtain sensitive information, such as passwords and 2-step verification codes.

If funds were removed from your Coinbase account by a third-party without your permission, contact your local authorities and file a police report. Have the authorities contact Coinbase directly. Coinbase is committed to full cooperation in all law-enforcement investigations.

Can you sue Coinbase if your account is hacked? Yes. Coinbase may be legally liable to users for cryptocurrency stolen as a result of hacks, which include SIM swapping, phishing and other scams.

The short answer is no – your bank account cannot be hacked through Coinbase.

Report phishing to Coinbase

If you are a victim of a phishing attack, please immediately take action to secure your account by changing your email and Coinbase password. If you have further questions or suffered a financial loss due to this attack, please contact our support team.

You are seeing a charge on your statement because someone connected your bank account on our website and used it to purchase bitcoin (a digital currency). If you don't recognize this charge, it's possible that someone has connected your bank account without your permission. Read on to find the best way to resolve this.

How many Coinbase accounts get hacked? ›

“At least 6,000 Coinbase customers had funds removed from their accounts, including you,” the notice says. BleepingComputer was first to report(Opens in a new window) the news. The account breaches occurred between March 2021 and May 20, 2021.

The Coinbase Account Protection warranty only applies if your login credentials were compromised due to a vulnerability in Coinbase's systems for authenticating your credentials.

Coinbase is one of the most trusted cryptocurrency exchanges today. It secures cash on FDIC-secured accounts, lets you securely connect and trade crypto via your bank account, and blocks suspicious accounts to ensure user safety.

A crypto phishing scam is a scheme that scammers use to obtain sensitive information, such as your wallet's private key. They do this by pretending to be a trustworthy organization or individual and asking you for personal details. They then utilize the information you provide to steal your digital assets.

Only send cryptocurrency to trusted third parties. Search for publicly verifiable reviews on Google, Trustpilot, or Better Business Bureau to validate their services. Research the organization thoroughly. Check consumer-protection websites and make telephone calls and send emails to verify authenticity.

Coinbase may also restrict your account if it's deemed to be at a high risk of crypto fraud. If the platform detects signs of suspicious activity, it will limit buying and selling until it can get to the bottom of what's going on.

If you are using the Coinbase mobile app to access your Coinbase account, we highly recommend enabling a security passcode in the app's security settings. You can enable the passcode for both accessing the app and sending funds with the app.

However, if you have fallen victim to a crypto scam, there is still hope of recovering your funds. Reporting the crypto scam in a timely manner to the exchange platform or the law enforcement authorities can increase your chances of recovery.

Coinbase has been under SEC investigation since last summer amid a broader SEC crackdown on unregistered securities, though the company insists none of the crypto products or services it offers can be considered securities—a tightly regulated asset class including traditional investments like stocks and bonds.

How do I report phishing emails to Coinbase? ›

Trusted Coinbase email domains

support@coinbase.com. help@coinbase.com. contact@coinbase.com. no-reply@coinbase.com.

The Coinbase Pro cryptocurrency trading platform is in the process of shutting down for good. If you're still using Coinbase Pro, your funds will automatically move to Coinbase's main platform unless you carry out the transition yourself.

You can still buy, sell, and trade within Coinbase. However, you'll need to wait until any existing Coinbase account holds or restrictions have expired before you can cash out with your bank account. Withdrawal-based limit holds typically expire at 4 pm PST on the date listed.

You can recover funds with most self-custodial wallets, including Coinbase Wallet. You'll need to own the wallet (in other words, have access to the private keys). To recover your funds, you must be signed in to your Coinbase.com account and connect your self-custodial wallet.

If you are unable to sell or withdraw from Coinbase, it could be due to one of a few reasons: There are restrictions in your region. You are a new account holder. You haven't completed the verification.

Coinbase said its monthly transacting users fell to 8.5 million in the third quarter, down from 9 million the previous quarter and significantly lower than 11.2 million in the fourth quarter of 2021.

At Coinbase we go to great lengths to keep all of your sensitive information safe. Account numbers and routing numbers are stored using bank level AES-256 encryption on our servers. In addition, all traffic is encrypted in transit to prevent third parties from eavesdropping on your connection.

Once you know your device is malware-free, it's paramount that you transfer any existing funds from your compromised wallet to another wallet. Hackers will often wipe your account of funds immediately, but if you're lucky and they have not done this yet, it's time to take immediate action.

Fees. Coinbase has a lot of ways you can pay for crypto, and they can carry different fees that are at times hard to understand. While Coinbase discloses fees to users before completing a transaction, they are difficult to look up ahead of time.

Is Coinbase FDIC insured? ›

Coinbase is not an FDIC-insured bank and cryptocurrency is not insured or guaranteed by or subject to the protections of the Federal Deposit Insurance Corporation (“FDIC”) or Securities Investor Protection Corporation (“SIPC”), and may lose value. In case of a covered security event, we will endeavor to make you whole.

You'll be able to see the Direct Deposit funds once your paycheck has been deposited and accepted by our bank partner, Patheward, N.A. Note that this process can take 3-5 business days from the day that your paycheck was processed by your employer.

The recovery of stolen Bitcoin depends heavily on exchanges and service providers. Authorities might start the recovery process by freezing the funds linked to the scam and working with reliable exchanges.

Modified versions of crypto wallet apps used with emulators and simulators, or on device malware can be used by hackers to create fake accounts, perform malicious trades, or transfer cryptocurrency from one wallet app to another.

Stolen identities: On the darknet, it is entirely possible to purchase someone's digital ID, full name, and even social security number.

A fake email may have a similar-looking email address, but it won't be identical to Coinbase's official email address. Report suspicious emails to Coinbase: If you receive a suspicious email, forward it to Coinbase's support team at report@coinbase.com. This helps Coinbase identify and take action against scammers.

Yes, Coinbase reports to the IRS. It sends Forms 1099-MISC to the IRS for U.S. traders who made more than $600 in crypto rewards or staking. $600 is the Coinbase IRS reporting threshold for tax year 2022.

We strive to investigate all security reports within 10 business days, some cases may require additional time for investigation due to the sensitive nature of irrevocable cryptocurrencies.

As we already know, the only way to recover your stolen cryptocurrency is by hiring a genuine hacking service. Finding a genuine hacker has always been the problem, but not anymore.

Once you pay with cryptocurrency, you can only get your money back if the person you paid sends it back. But contact the company you used to send the money and tell them it was a fraudulent transaction. Ask them to reverse the transaction, if possible.

Can I get my money back if my bank account has been hacked? ›

Am I going to get my money back? Your bank should refund any money stolen from you as a result of fraud and identity theft. They should do this as soon as possible - ideally by the end of the next working day after you report the problem.

Hackers may compromise your email to gain access to your Coinbase account or to try to block Coinbase emails from getting to you. Check if you can still sign in to your email. If your email has been compromised, you'll need to contact your email provider to shut down your account or change your email password.

The recovery of stolen Bitcoin depends heavily on exchanges and service providers. Authorities might start the recovery process by freezing the funds linked to the scam and working with reliable exchanges.

Will I get my money back? Once your virtual currency has been stolen it is incredibly unlikely that you will be able to recover it.

Can You Chargeback Cryptocurrency? Transactions using cryptocurrencies like bitcoin aren't subject to chargebacks. In cryptocurrency transfers, the funds are placed in escrow until the transaction is confirmed by both parties. Once the transaction is complete, there is no way to reverse it.

Contact your bank or card provider to alert them. Reporting is an important first step to getting your money back, and you could be liable for all money lost before you report it. If you've been targeted, even if you don't fall victim, you can report it to Action Fraud.

Most banks should reimburse you if you've transferred money to someone because of a scam. This type of scam is known as an 'authorised push payment'. If you've paid by Direct Debit, you should be able to get a full refund under the Direct Debit Guarantee.

The federal Computer Fraud and Abuse Act (“CFAA”) is a criminal statute that also allows for private lawsuits upon violations. If someone has compromised the security of your system, or if you are accused of unauthorized access, you need to be aware of this law.

Does a bank have to refund stolen money? ›

Banks and credit card companies usually reimburse stolen money, but they don't always have to. If you lose a debit card or have it stolen and don't report the fraud right away, it's possible your bank won't refund stolen money and you could be liable for some of the losses.