Coinbase Hacked: Here's the Number of Affected People and What led to Hack

Coinbase Inc., the leading public crypto exchange was hacked last night in what many called a complex hack process. The exchange reported that at least 6,000 accounts were hacked and the funds in them were drained. Coinbase sent out a letter to victims affected by the hack revealing that they might have fallen prey to a phishing campaign. The letter read,

While we are not able to determine conclusively how these third parties gained access to this information, this type of campaign typically involves phishing attacks or other social engineering techniques to trick a victim into unknowingly disclosing login credentials to a bad actor. We have not found any evidence that these third parties obtained this information from Coinbase itself.”

The hackers behind the attack reportedly sent out phishing mail pretending to be Coinbase back in May this year and at least 6,000 people unknowingly offered their Coinbase credentials which were later used to drain the accounts.

Coinbase Claims Compromised Accounts Redeemed

Coinbase claimed that they have fixed the issue and got back control of the affected accounts and also promised to reimburse the lost funds. The crypto exchange also assured that the leaked of data was not from their end and quite possibly it was a phishing attack.

“We immediately fixed the flaw and have worked with these customers to regain control of their accounts and reimburse them for the funds they lost,”

However, the news of the hack didn’t have an impact on the crypto market that surged over 10% yesterday as October began on a bullish note. Bitcoin ($BTC) jumped 10% along with the rest of the market to start the bullish October and it has maintained that price after the news of the hack went public.

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Prashant Jha

An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.

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