Darryl Ramm (@darryl_ramm@hachyderm.io)

18d

Customer lost $350,000 in September 2022 to a phishing attack from a scammer that the customer said had “confidential information that could have only been obtained with direct access to Coinbase’s database”.

#crypto #cryptocurrency #Coinbase

14. Mr. Spilker took many protective measures to keep his account safe. He proactively took steps to secure his account with multifactor authentication safeguards and even purchased and used Yubikey, a hardware authentication device that is supposed to prevent phishing thefts. 15. Mr. Spilker also took adequate steps to protect his account information. He did not share his private keys or password with any third parties.

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42. The thief called Spilker on his cell phone and claimed to be an agent calling on behalf Coinbase to report a security breach. Mr. Spilker was suspicious so requested confirmation that the caller was truly a Coinbase representative. 43. The thief responded by reciting confidential information that could have only been obtained with direct access to Coinbase’s database. 44. Specifically, the thief recited Spilker’s transaction history to him as well as certain account specifications that should have only been known to Coinbase. 45. The thief reported that there was a compromise to his account and stated that Coinbase would convert his Ethereum coins to cbETH in order to protect them.

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18d

Coinbase didn’t prevent the suspicious transfers, allegedly wiped customer’s transaction history, blamed the customer for the loss, then refused to reimburse. Arbitration concluded with $0 reimbursement.

#crypto #cryptocurrency #Coinbase