Coinbase, Exchanges

Has Anyone Been Hacked on Coinbase?

As the world’s largest cryptocurrency exchange, Coinbase has been a Target for hackers since its inception. In fact, there have been several high-profile hacks of Coinbase in the past, with the most recent one happening in June of 2019.

Despite its size and stature, Coinbase has been relatively lucky when it comes to hacks. Unlike other exchanges, which have lost millions of dollars worth of cryptocurrency, Coinbase has only ever lost a few hundred thousand dollars worth of crypto.

This is likely due to the fact that Coinbase keeps the vast majority of its cryptocurrency offline in what is known as “cold storage.” This means that the chances of someone hacking into Coinbase and stealing all of its cryptocurrency are very slim.

Of course, this doesn’t mean that Coinbase is completely immune to hacks. In fact, there have been a few successful hacks of Coinbase in the past.

NOTE: The security of Coinbase is always a top priority, however, it is possible that individuals or accounts may be hacked. If you are using Coinbase, please ensure you are using secure passwords and two-factor authentication to protect your account. In addition, be aware of phishing attempts or other malicious activity that could lead to a security breach. If you think you may have been hacked or have any concerns about the security of your account, please contact Coinbase Support immediately.

The most notable one happened in 2016, when a hacker was able to gain access to a Coinbase employee’s email account and then used that account to send phishing emails to other Coinbase employees.

The hacker was able to trick one employee into giving them access to a “hot wallet” (a wallet that is connected to the internet) that contained about $1 million worth of Ethereum. The hacker then quickly transferred the Ethereum out of the hot wallet and into their own wallet before anyone could stop them.

Coinbase was able to refund all of the Ethereum that was stolen and they also implemented new security measures to prevent something like this from happening again.

Despite these high-profile hacks, Coinbase has generally been very good at keeping its customers’ funds safe. So far, there have been no reports of anyone having their funds stolen from their Coinbase account.

If you are worried about your funds being stolen from an exchange, then you should consider keeping your cryptocurrency in a cold storage wallet instead. This will greatly reduce the chances of your funds being stolen if an exchange is hacked.

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