Coinbase hackers exploit multifactor errors to steal from 6,000 customers

According to the words Bleeping Computer. The cryptocurrency exchange told the publication that its security team was watching an extensive phishing campaign targeting its users between April and early May 2021. Some users may have fallen victim to malicious email, giving hackers access to their usernames and passwords. What’s worse, even those with multi-factor authentication involved were at risk due to a flaw in the exchange system.

In the notice [PDF] sent to affected users, Coinbase said bad actors took advantage of the vulnerability in the SMS account recovery process. This allowed the hackers to get a two-factor token that was to be sent via text to the phone number of the account holder.

Coinbase recommends using a two-factor with a security key on its website, followed by an authentication application. It cites SMS authentication as a last resort, advising users to lock their mobile accounts to protect themselves from SIM replacement fraud or phone port fraud. Back in August, Coinbase also informed 125,000 users that two factors had changed, but then the exchange said the notification was sent by mistake and was not the result of a hack.

In his letter to customers, Coinbase said he patched up his SMS account recovery protocols as soon as he found out about the problem. It also compensates everyone who lost cryptocurrency from the event. Those affected by the hacking may need to check that all of their other accounts are secure, as it also revealed their names, addresses and other sensitive information when it infiltrated their accounts.

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Naveen Kumar

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