Coinbase, Exchanges

Is Crypto Safe on Coinbase?

It’s no secret that crypto is volatile. And with the recent hack of Coinbase, one of the world’s largest and most popular cryptocurrency exchanges, many are wondering: is crypto safe on Coinbase?

Here’s what we know so far. On June 27, 2019, it was revealed that a hacker had gained access to a Coinbase employee’s account and used it to steal over $280,000 worth of Ethereum Classic (ETC).

This is the second major hack of Coinbase in just over a year, following the 2017 hack that saw over $30 million worth of Bitcoin stolen.

NOTE: WARNING: Trading cryptocurrencies on Coinbase carries a high level of risk. Cryptocurrencies are highly volatile and can be subject to sudden price changes. There is also the potential for hackers to steal funds from Coinbase. It is important to remember that cryptocurrencies are not FDIC insured and you should always do your own research and use caution when trading on Coinbase or any other exchange.

In response to the latest attack, Coinbase has said that it will “work with law enforcement” and has also implemented new security measures to prevent future attacks. The exchange has also reimbursed all customers who lost funds in the attack.

So, what does this mean for you? If you’re holding any cryptocurrency on Coinbase, it’s important to remember that no exchange is 100% secure. That being said, Coinbase is one of the more reputable exchanges out there, and its security measures are constantly evolving.

So while there is always some risk involved in holding crypto on any exchange, Coinbase is likely as safe as it gets.

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