Coinbase Details

    Organization Logo

    Coinbase

    San Francisco, California • employees • Financial Services

    Industry

    Financial Services

    Security Incidents

    1

    Coinbase Global, Inc., branded Coinbase, is an American publicly traded company that operates a cryptocurrency exchange platform. Coinbase is a distributed company; all employees operate via remote work. It is the largest cryptocurrency exchange in the United States in terms of trading volume. The company was founded in 2012 by Brian Armstrong and Fred Ehrsam.

    Security Incidents

    Coinbase Breach of Oct 2021
    Severity Score
    Low

    Type

    Phishing Attack

    Summary

    In October 2021, Coinbase experienced a security breach that affected approximately 6,000 customers. The breach was attributed to a phishing campaign that successfully bypassed the company's multi-factor authentication (MFA) protocols. Attackers exploited a flaw in Coinbase's SMS account recovery process, allowing them to gain unauthorized access to user accounts and transfer funds. Coinbase promptly addressed the vulnerability and reimbursed affected customers for their losses. The incident underscored the importance of robust security measures and the need for continuous improvement in prote...
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    Severity

    The breach was severe as funds were stolen from at least 6,000 Coinbase customers due to a phishing attack that occurred between March and May 2021. The attackers managed to divert cryptocurrency from the affected accounts, indicating a significant security vulnerability within Coinbase's systems.

    Impact

    The breach impacted over 6,000 Coinbase customers who had funds removed from their accounts. This incident not only resulted in financial losses for the affected users but also raised concerns about the security measures and protection of customer assets on the Coinbase platform.

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