If you’re new to Coinbase, you may be wondering if it’s safe to store your coins on the platform. After all, Coinbase is one of the most popular cryptocurrency exchanges, and with good reason – it’s user-friendly, reliable, and supports a variety of coins.
However, no platform is immune to hacking, and Coinbase has had its share of security breaches. In this article, we’ll take a look at some of the ways that Coinbase has been hacked in the past, and whether or not you should be worried about storing your coins on the platform.
Coinbase has been hacked multiple times in the past
Coinbase has been hacked multiple times since it was founded in 2012. In 2013, a user’s account was compromised and used to send out spam tweets.
The following year, Coinbase was hit by a DDoS attack that took the platform offline for several hours.
In 2016, Coinbase suffered one of its biggest hacks when over $1 million worth of Ethereum was stolen from user accounts. The hack was made possible by a vulnerability in the way that Coinbase stored user private keys.
Coinbase has since made changes to its security protocol and claims to have “the most secure storage system in the world.” However, no system is perfect, and it’s always possible that Coinbase could be hacked again in the future.
Should you be worried about storing your coins on Coinbase?
While no platform is 100% secure, Coinbase is one of the more reliable exchanges out there. The company has taken steps to improve its security protocol since suffering major hacks in the past, and it now claims to have “the most secure storage system in the world.”
If you’re looking for a safe place to store your coins, Coinbase is a good option. However, you should always remember that no system is completely secure, and there’s always a risk that your coins could be stolen if Coinbase is hacked again in the future.