Over 6,000 Coinbase users saw their drained last week as hackers exploited an authentication bug to bypass the company’s SMS security feature, tech publication Bleeping Computer reported.
Coinbase said it would reimburse the stolen amounts to make up for damages and did not report further security breaches as of press time.
The hackers exploited a vulnerability to bypass the SMS authentication feature put in place by Coinbase to ensure user security. They illicitly gained access to user email addresses, passwords, and associated phone numbers, and used this information to log in.
Hackers may have conducted large-scale phishing campaigns to gain access to such sensitive information—said Coinbase—one that unsuspecting users willingly gave out.
Banking trojan viruses have, in addition, been known to hit Coinbase users in the past.
Inside the Coinbase hit
As part of its security, hackers with access to a Coinbase customer’s credentials and email account are normally prevented fro
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