Crypto

Security threat fears as Coinbase users receive suspicious email

Published

2 years ago

September 1, 2021

ticker NEWS

It might have been funny if it were an April fools joke – 125,000 customers receive deceitful email from Coinbase platform by mistake.

SPAIN – 2021/01/08: In this photo illustration a Coinbase App and logo is seen displayed on a smartphone and a laptop in the background. (Photo Illustration by Thiago Prudêncio/SOPA Images/LightRocket via Getty Images)

Coinbase users feared the worst after receiving a fraud-like email alerting them that their two-factor authentication settings were changed.

Approximately 125,000 customers of the cryptocurrency exchange platform were caught up in the confusion.

“Yesterday from 1:45pm PST to 3:07pm PST, Coinbase sent erroneous notifications [telling users] that their 2FA settings had changed,” Coinbase tweeted.

“Our teams immediately recognised the problem and worked as quickly as possible to ensure these erroneous notifications were stopped and the underlying issue fixed.”

But despite the quick response, users continued to flock to social media with many under the impression that their accounts had been hacked.

“My two-factor settings have been changed? I didn’t do such a thing?” One user tweeted.

“Please look into this [Coinbase]…Please don’t let me get hacked.”

A focus on strengthening the relationship

The company understands that it needs to work on rebuilding trust between them and their clients following the incident.

However, they do blame their notification software for the issue.

“We’re laser focused on building trust and security into the crypto community so that the open finacial system we all want is a reality,” Coinbase said.

“We recognise that issues like this can hurt that trust and we will continue to work to gain back the trust of every one of our customers who was impacted by those notifications.”

Two-factor authentication is a common security method used to protect personal accounts.

Users are required to input information such as a text message code or password that helps verify that they’re the user.

Written by Rebecca Borg

Up Next

Should governments be doing more to regulate crypto? | Ticker VIEWS

Don't Miss

Dogecoin fans to fetch a piece of Kabosu thanks to new NFT offer

ticker NEWS

Click to comment

Crypto

Is the metaverse the future of social network?

Published

12 hours ago

May 30, 2023

ticker NEWS

U.S. firms like Meta, the parent company of Facebook and Microsoft are going all in on the metaverse. Meanwhile, Chinese companies appear to be taking a more cautious approach amid tighter regulation.

#metaverse #china #unitedstates #tech #veronicadudo #ozsultan #crypto

Crypto

Global metaverse race

Published

12 hours ago

May 30, 2023

ticker NEWS

China is looking to invest in the metaverse market as numerous cities rollout policy proposals.

Technology continues to change our lives forever.

As new advancements are released to the public—safety continues to be a major concern.

People are interacting with computers in a different way, with the word Metaverse becoming a buzzword in both the tech and business industries.

While the term, “metaverse” is broad, it refers to a set of digital spaces online—including 3D—that allows people to do many things from socializing and learning to interacting and collaborating.

Analysts say it’s the next evolution in social connection and the successor to the mobile internet.

According to Morgan Stanley, the metaverse market could be worth $8 trillion in the future.

China’s technology giants are investing in the metavese and recently, numerous Chinese cities have announced policy proposals to attract and support metaverse companies.

This comes after tense year of regulatory scrutiny on the countries tech sector.

The Chinese city of Zhengzhou recently announced a series of policy proposals to support metaverse companies operating in the region.

The initiative involves the municipal government establishing a nearly $1.5 billion dedicated fund in an effort to foster growth and development in the industry.

So, is the metaverse taking the world by storm?

Oz Sultan from the Sultan Interactive Group joins us to discuss. #china #metaverse #veronicadudo #ozsultan #regulation #crypto #tech