Coinbase Says Hackers Stole Cryptocurrencies from over 6,000 Accounts

The hackers stole cryptocurrencies from at least 6,000 Coinbase accounts, according to a breach notification letter sent by the cryptocurrency exchange to affected customers. And the incident took place between March and May 20, 2021.

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The hackers exploited a flaw in the exchange’s SMS account recovery process to gain access to the accounts. The flaw allowed hackers to transfer funds to third-party wallets not associated with Coinbase.

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“We immediately fixed the flaw and have worked with these customers to regain control of their accounts and reimburse them for the funds they lost,” a Coinbase spokesperson said.

The hackers needed to know the email addresses, passwords and phone numbers linked to the affected Coinbase accounts, and have access to personal emails, the company said.

However, Coinbase said there was no evidence to suggest the information was obtained from the company.