Hackers Steal 6,000 Coinbase Accounts
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As per a breach warning letter, 6,000 customers had cryptocurrency stolen from their accounts.
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Unauthorized third parties took advantage of flaws in the firm's SMS recovery system
Hackers used a vulnerability in Coinbase's two-factor authentication system to steal cryptocurrency from at least 6,000 clients of the Nasdaq-listed digital asset exchange.
The victims were targeted between March and May of this year, according to a letter issued to impacted customers and was published on the California Attorney General website on Friday.
The perpetrators were unauthorized third parties who took advantage of a flaw in Coinbase's SMS account recovery system to hack accounts and move cash to crypto wallets not affiliated with the firm.
The hackers required the email addresses, passwords, and phone numbers associated with the impacted Coinbase accounts, as well as access to their personal emails, according to the Company.
According to the Financial Times, Coinbase did not specify how much money was taken in the heist but stated that users will be compensated for all lost funds.
