Coinbase User Accounts Emptied After Hackers Gained Access to Their Crypto Wallets | Couple Discovered $168K Crypto Stolen
(Photo : Image from Unsplash Website) Coinbase User Accounts Emptied After Hackers Gained Access to Their Crypto Wallets | Couple Discovered $168K Crypto Stolen

Coinbase user accounts have been emptied after hackers were able to gain access to their crypto wallets. To make matters worse, coinbase did not have live chat support which caused those that lost to worry.

Coinbase Hackers Gain Access to Users' Accounts

According to TechRadar, an increasing number of users of the currently highly popular cryptocurrency exchange called Coinbase have suddenly found their accounts on the platform empty. This is after hackers have managed to gain access to them and thoroughly drain their cryptocurrency wallets.

A new report by CNBC notes that the news outlet was able to interview Coinbase customers stretching across the United States and discovered thousands of customer complaints. An example for this is one couple logged onto the server only to discover that their $168K in cryptocurrency had suddenly vanished after hackers suddenly took over their account.

Coinbase No Live Chat Support

To add even more insult to injury, the couple noted that they weren't even able to reach Coinbase for support after the unfortunate incident happened. While banks still employ live chat and email and telephones in order to provide customer support, the popular cryptocurrency company only responds to their customers through email.

Coinbase, back in the day, originally offered live chat for support but the feature was previously phased out around 2016 according to a recent Coinbase blog post. It reportedly plans to re-add live chat to its platform. In addition, the platform also plans to continue and expand its current customer support team in order to better serve its current customers.

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Cryptocurrency vs Bank Transfers

If money is accidentally transferred out of a certain users' bank account to another account, the owner can easily call up their bank and have the particular transaction reversed. The same, however, can't be said for cryptocurrency as once it is transferred off an exchange to a bank, users won't be able to recover their lost funds.

Although having a two-factor authenticator or 2FA and a password manager can potentially help users secure their crypto accounts, cybercriminals have still started using SIM swapping as a way for them to take over accounts. For those that are still unfamiliar with this, sim swapping involves a cybercriminal taking control of a certain victim's phone number as well as SIM card through their mobile carrier.

Hackers can then easily intercept the 2FA codes that are sent through text message in order to take control of a victim's online accounts. The hacked Coinbase accounts then sold on the Dark Web from anywhere between $100 up to $150 according to Etay Maor coming from Cato Networks in his statement to CNBC. A lot of cryptocurrency experts still recommend using hardware wallets for extra safety.

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Written by Urian B.

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