6000 Coinbase customers exploited due to MFA flaw

Around 6000 Coinbase customers were exploited by hackers in a recent multi-factor authentication scam, according to reports.

Coinbase is one of the biggest cryptocurrency trading platforms with more than 68 million customers. People consider Coinbase as a secure platform for their investments. But, it seems that the developers are not vigilant enough. In a recent report presented on Bleeping Computer, it was mentioned that nearly 6000 Coinbase customers were affected.

While being one of the biggest companies in the crypto space, Coinbase revealed that these hacks happened in the months of March to May 2021. This was a coordinated effort involving a team of hackers, as Coinbase believes. The actual value of the theft is still not revealed by the platform.

6000 Coinbase customers affected

To hack a user’s account, the hackers should know the person’s email id, password, and phone number.

For now, no one knows how the hackers got wind of these details. One can assume that the lack of knowledge is one of the biggest reasons why people fall to phishing scams, and it seems that this was how the 6000 Coinbase customers compromised their wallets.

Speaking on the matter, the cryptocurrency exchange commented:

“In this incident, for customers who use SMS texts for two-factor authentication, the third party took advantage of a flaw in Coinbase’s SMS Account Recovery process in order to receive an SMS two-factor authentication token and gain access to your account.”

Poor service of Coinbase

The majority of the 6000 Coimbase customers were unable to get hold of officials to help them. People have always complained that the customer service of Coinbase is the worst. For this reason, Coinbase opened a new line of communication to support only those customers who have been scammed, hacked, and cheated.

The 6000 Coinbase customers who went through this tragic scam were unable to recover their funds. These hackers were smart enough to exploit the vulnerabilities in the MFA of the platform. As a result, the 6000 Coinbase customers suffered.