Coinbase Breach

Coinbase Global, Inc., more commonly known as Coinbase, is a platform set up to buy, trade, or sell crypto. It also offers safe crypto storage for its users.

What Was the Breach?

Hackers illegally accessed information from the crypto platform known as Coinbase, in the final months of 2021. The crypto company responded to the attack by sending more than 6,000 customers notification letters detailing the breach and its potential impact. The attack culminated in the theft of cryptocurrency though there is also the potential for it to lead to identity theft.

How Did the Breach Occur?

A third-party hacking campaign breached Coinbase. The campaign obtained access to Coinbase client accounts, setting the stage for moving funds away from the crypto platform. The hackers required information such as customer account passwords, email addresses, and phone numbers to access the accounts. The question is how third parties obtained that information in the first place.

It appears the campaign centers on social engineering or phishing attacks to make it seem that the target can securely type in his or her username/password. The information is collected, used for account access, and leads to the transfer of crypto to hackers’ accounts for eventual liquidation.

When Did This Breach Occur?

This breach occurred in October 2021.

Who Does the Breach Impact?

The breach impacts Coinbase customers. Coinbase, a crypto platform with questionable customer service to start with, also suffered a hit to its reputation due to the crypto theft.

How Many Files Does the Breach Affect?

Between 6,000 and 10,000 customer accounts were impacted by the hack. However, Coinbase has not provided a specific number regarding the exact number of files accessed in the attack. For more information on the breach, read Hackers are Increasingly Targeting Cryptocurrency.