An increasing number of users of the very popular crypto exchange Coinbase has noticed that accounts on the platform are empty after hackers access them and run out of crypto wallets.
According to a new report from CNBC, News Outlet interviewed Coinbase customers across the United States and found thousands of customer complaints. For example, a couple logged on to the service and discovered that the cryptocurrency $ 168k disappeared after a hacker hijacked their account.
To insult the injury, the couple was unable to reach Coinbase for support after the incident. Banks currently employ live chat, email, and phone to provide customer support, but popular crypto companies only respond to customers by email.
Coinbase initially provided live chat for support, but according to a recent blog post, this feature will be phased out around 2016 and we plan to add live chat to the platform again. In addition, Coinbase will continue to expand its customer support team to better serve its customers.
Account takeover
If you accidentally transfer money from your bank account to another account, you can easily call the bank to cancel the transaction. However, for cryptocurrencies, the same cannot be said after the exchange has sent money to the bank, and there is no way to recover the lost funds.
While two-factor authentication (2FA) and password managers can be used to protect crypto accounts, cybercriminals are beginning to use SIM swapping as a means of hijacking their accounts.
For unfamiliar people, sim swapping involves cybercriminals controlling victims’ phone numbers and SIM cards through their mobile operators. From here, you can intercept the 2FA code sent by text message and hijack the victim’s other online accounts.
These hacked Coinbase accounts are priced between $ 100 and $ 150 on the dark web, according to Etay Maor of Cato Networks. CNBC..
For this reason, if you do not plan to exchange your cryptocurrency for cash immediately, we recommend that you store your cryptocurrency in a hardware wallet such as the Ledger Nano X or Trezor Model T instead of leaving it on the cryptocurrency exchange. As such, hackers cannot steal your cryptocurrency without first breaking into your home or apartment.
Via CNBC
