Was Coinbase hacked?

According to the data breach notification, the hackers leveraged a flaw in the platform’s account recovery process to hijack the two-factor authentication SMSes. The Coinbase hack, first reported by Bleeping Computer, happened between March and May 2021. The cryptocurrency exchange platform has about 68 million users in over 100 countries.

Did Coinbase send out a breach notification letter?

Coinbase has sent out breach notification letters to over 6000 users admitting they might have lost funds in a months-long campaign against the cryptocurrency exchange.

Did Coinbase send a erroneous email about a 2FA change?

The issue has been brewing for some time now. Unconfirmed reports of hackers accessing and draining the cryptocurrency wallets of Coinbase customers first surfaced in August. Then in September, the company had to reassure its users that the email they received about the change in their 2FA settings were sent erroneously.

What is Coinbase and how does it work?

Coinbase is one of the largest cryptocurrency exchanges, and its price feeds are also used as inputs for oracles, which determine the true prices of tokens for applications such as decentralized finance (DeFi) protocols.