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Security threat fears as Coinbase users receive suspicious email

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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

Business

What is causing the crypto market crash?

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Crypto Braced For $300 Million Game-Changer As The Price Of Bitcoin, Ethereum, BNB, XRP, Solana, Cardano And Dogecoin Swing

Bitcoin, ethereum and other major cryptocurrencies are still struggling despite a wave of bullish announcements (and an eye-popping bitcoin price prediction).

The bitcoin price has again crashed under $20,000 per bitcoin, dragged lower by the Fed’s decision to keep interest rates near zero until 2023.

While the US government’s $300 million investment into bitcoin mining is a game-changer, it remains to be seen if it will be enough to boost the cryptocurrency market.

The current cryptocurrency market crash can be attributed to a few key factors.

Firstly, the US government’s announcement of a $300 million investment into bitcoin mining is a game-changer.

This investment will likely increase the hashrate and drive up demand for GPUs, which will in turn push up prices. Secondly, the Fed’s decision to keep interest rates near zero until 2023 is also weighing on the market.

This decision makes it less attractive for investors to put their money into cryptocurrencies. Lastly, there are concerns that the recent bull run was driven by speculation and that the market is now cooling off.

Will the $300 million investment be enough to boost the market?

It remains to be seen if the $300 million investment from the US government will be enough to boost the cryptocurrency market.

While this investment is definitely a positive development, it may not be enough to offset the bearishness in the market caused by other factors such as the Fed’s decision to keep interest rates near zero. Only time will tell how much of an impact this investment will have on the market.

In the meantime,crypto investors should brace for more volatility in the markets.

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Business

Crypto whales exchange $10 million in Shiba coins

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Two large anonymous cryptocurrency wallets exchanged a total of 855,614,973 Shiba Inu meme coins, worth approximately $9.6 million.

The data, published on the WhaleStats website, reveals that these top Ethereum wallet owners have increased their SHIB stash by $134,767,965 in value since September 21.

While it is unclear what the motives behind these transactions are, it seems that the recent surge in demand for Shiba Inu meme coins has led to a significant increase in their value.

With the price of SHIB currently sitting at $0.0016 per coin, it will be interesting to see how these anonymous investors choose to cash out their profits.

So, these whales made a profit of about $649 000 in just three days due to the price increase of both assets.

As the Ethereum blockchain network’s meme currency becomes more popular among cryptocurrency investors and traders, its price is also growing rapidly.

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Crypto

Australia targets rise of China’s digital currency

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An Australian lawmaker wants to tackle the rise of China’s digital currency

Andrew Bragg is the man behind the changes, he’s from the conservative Liberal Party who wants to put restrictions in place to avoid the use of the digital Yuan.

In a draft bill, the MP wants banks to share details about whether or not they have accepted digital currencies from China.

Of course, Beijing is currently running trials of its sovereign currency at the moment.

But it’s left some lawmakers in a rush to get on top of it.

Earlier this year, the U.S. began setting up fresh rules around the digital Yuan .

In Australia, banks that are found to be breaching the rules could be penalised.

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