Hackers exploit MFA flaw to steal from 6,000 Coinbase customers — Report
Hackers exploit MFA flaw to steal from 6,000 Coinbase customers — Report
Malicious actors reportedly took advantage of Coinbase'due south SMS account recovery procedure to gain access to user funds.
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Cryptocurrency exchange Coinbase has reportedly suffered some other security alienation afterward attackers were able to bypass the visitor'southward multi-cistron authentication, or MFA, characteristic in a coordinated campaign earlier this twelvemonth.
The attackers stole cryptocurrency from 6,000 accounts, though the monetary value of the theft wasn't disclosed, according to a report from Bleeping Estimator. Before this week, Coinbase reportedly notified affected customers that the theft occurred between March and May.
To gain admission to the accounts, the attackers must take known the affected users' electronic mail address, password and phone number. It'southward non clear how the attackers obtained this information, though phishing scams targeting exchange users are not uncommon. All the same, Coinbase did identify a vulnerability in the account recovery process that the attackers exploited to gain access to the accounts:
"In this incident, for customers who use SMS texts for ii-factor authentication, the third political party took advantage of a flaw in Coinbase's SMS Account Recovery process in order to receive an SMS two-factor hallmark token and gain admission to your account."
Coinbase, which operates 1 of the largest crypto exchanges in the world, has received scathing criticism for its poor customer service. As Cointelegraph reported, customers whose accounts were reportedly hacked and drained of funds were unable to access support staff, leading to thousands of complaints against the company.
Related: SEC was the only regulator unwilling to meet with Coinbase: Brian Armstrong
Coinbase'due south initial public offer debuted at $86 billion in April, merely the company has been unable to scale its customer service department adequately. In Baronial, the company announced a new support line for customers who believe their account has been compromised.
Source: https://cointelegraph.com/news/hackers-exploit-mfa-flaw-to-steal-from-6-000-coinbase-customers-report
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