16.3 C
Monday, May 29, 2023

Coinbase Mistake Has Led To Consumer Panic

Last weekend saw major customers of Coinbase, one of the leading crypto exchanges in the United States, panicking. This was caused due to the exchange accidentally sending emails to users stating that the settings for their two-factor authentication had been changed. This happened last Friday when the exchange went on to send emails to almost 125,000 of its customers- which resulted in major backlash publicly.

This was followed by the exchange taking to Twitter on Sunday to apologize for this infarction. They stated that they were looking to build a foundation of trust and security in this fledgling crypto community so that they could bring about an open financial system. 

- Advertisement -

Coinbase’s Emails Has Sent Users In a Frenzy

Despite the apology put forward by Coinbase, several users were reportedly taking major measures for the fear that their accounts could definitely be targeted by hackers. This also included liquidating their crypto holdings as well as overhauling security settings. The comments which were made on the social media of the crypto exchange also suggested that several customers were not able to access the app of the crypto exchange for quite a few days after the email was sent. 

Coinbase added that they would definitely be working towards regaining the trust that their customers had- the same trust which was impacted by these notifications. They further stated that they would be reimbursing all their users with BTC worth $100. The apology of the crypto exchange was posted on the r/Coinbase subreddit on Monday to differing reactions from their customers. 

The incident with Coinbase comes just a few days after it was already reported that there were thousands of customers who claimed that their accounts were hacked and then emptied. According to a story published by CNBC, thousands of users claimed that the support from the crypto exchange had failed when it was requested for help.

- Advertisement -

Follow Us


Latest news