Security breach occurs at Coinbase in which the hacker successfully sends emails to Coinbase’s customers informing that their funds were removed because of the hack attack occurred in March 2021. The intention behind sending such emails looks as if the hacker wants the users to reveal their account ids and log in credentials for gaining unauthorized access.
It has been reported that Coinbase has become the newest victim of hack attack. The first did not realize that it was hacked until a few of its customers contacted the firm. The customers told that they were being sent emails from the Coinbase. In the emails they were told that there was a hack attack which occurred in between March and May, 2021. The email further claims that in an effort to save their funds from the hack attack, their funds were removed, claimed the email.
When Coinbase became aware of the email messages, it told the customers that no such email was sent by the firm. The emails may have been sent because someone unauthorized has gained access to the firm’s network. The firm claimed that the hacker must be trying to engage with the customers in an effort to obtain their information. The hacker would want to know their login details and email addresses so as to gain unauthorized access to their accounts, said Coinbase.
High alert was declared by the firm and investigation has been initiated. The copy of the email too can be seen at the office of Attorney General.
Coinbase is now suggesting that the hacker may be trying to play with the account holders. The ultimate aim of the hacker is to make the customer reveal their security codes and confidential information relating to their accounts. This technique is usually employed by the hackers to trick the users. If customers do not probe into such emails, then they can be victimized by the hackers.
The firm also warned that the account holders who are using SMS services for authentication need to be extra-cautious. The firm told the customers that the hackers had in fact breached into the SMS feature as well. It is likely that the customers would be receiving SMS requiring them to disclose their two-factor authentication codes.
If authentification codes are compromised then the hackers can easily access their accounts with Coinbase. In such a situation not even the firm and its technicians would be able to do anything about the funds lying in the account.
In the meantime, the alleged Coinbase letter (which is actually a trickery) also claims that Coinbase has upgraded SMS feature. They will now be required to renew their passwords, claimed the hacker. However, again this is another attempt in making the customers compromise their credentials. The matter is currently under investigation internally as well as in the knowledge of the law enforcement agencies.