The cryptocurrency exchange Coinbase got hacked recently, and according to reports, some 6000 customer accounts were affected. The crypto assets of the affected accounts were stolen as a result of an issue with the systems of the exchange that occurred in a very brief window of time. Hackers apparently took advantage of it the moment they spotted it. The hack apparently took place somewhere between March and May. What is more alarming is that the hackers were apparently successful in bypassing the exchange’s SMS multi-factor authentication feature, after which all they needed was the user’s pass, email and phone number to steal from their account. The vulnerability in the company’s systems allowed them to transfer their stolen coins to third-party wallets. According to Coinbase, the hackers gained the info of their clients through phishing accounts. The company assured clients and media that they have begun regaining the lost funds and has blocked the hackers. That said, it appears that people will not be reimbursed with crypto assets but equal-in-value payments. What’s amazing to me is that this story is coming out now, and not when the actual theft occurred. Lack of transparency much?
and BTC remains at $48 000. Nothing will ever ever scare cryptocurrency investors. it seems like cryptocurrency investors simply couldn't be bothered about such bad news. My respect to the cryptocurrency investors who have great faith in cryptocurrency.
It is better to lose the inflation on fiat money. Still better than to lose everything in crypto's. If even the big players like Coinbase are not safe, you start to hesitate about the security. I never hear these kind of things with fiat money. I could fill a book with all the stories from stolen crypto's. And a next one with all people that lost money in the "vault of value" crypto's.
99.9% of big investors keep their coins in cold storage so this doesnt really affect anyone relevant to the price. just the small fish that would be worried about something like this
Coinbase has 56 Million accounts worldwide. This is a very small number of people who did not secure their accounts properly I just checked my Coinbase account, nope, no effect on my account
I do not understand your comment. How does tether impact the viability and value of BTC or ETH specifically?
We have discussed this multiple time here, just use search. But in essence 70% of daily crypto volume is in tethers. Tethers are only backed by 3% cash (they printed like 65 billions out of thin air, original claim was 1:1 backed by USD, but they just lied for years, and finally admitted this year). Ask yourself, if 70% is traded in fake money, what is the real price of such asset???