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Coinbase mistakenly notifies users of 2FA settings change

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Coinbase mistakenly notifies users of 2FA settings change

Bitcoin exchange Coinbase mistakenly sent out emails to users informing them about changing their two-factor authentication (2FA) settings. About 125,000 clients received such notifications, the company said.

The incident took place on Friday, August 27th. Some users decided that their account was hacked, so they withdrew funds or changed their security settings.

On August 29, Coinbase representatives reported a bug. In the subreddit, the support service clarified that the victims of the incident “will receive $ 100 worth of bitcoin.”

Coinbase

In the comments, some members of the group complained that they did not receive the promised funds and threatened to switch to competing platforms. Others thanked Coinbase for the ability to quickly lock an account in the face of the threat of changing 2FA settings.

 

There were clients who reported problems with access to the site’s application. According to one of them, users who did not receive the erroneous notification did not experience such problems.

Previously, CNBC surveyed Coinbase users and found “thousands of complaints” about hacks, lost funds, and other problems. The material claims that it is difficult for victims to contact support, which communicates only by email.

In March 2018, two class actions were filed against the company at once – for insider trading when listing Bitcoin Cash and violation of California’s unclaimed property law.

In the summer of that year, Mashable published a 134-page list of claims against the trading platform with the California Office of Business Conduct and the US Securities and Exchange Commission.

From June 2020 to June 2021, the number of user complaints about the operation of bitcoin exchanges increased in the United States. Coinbase became the anti-leader, where the indicator increased from 241 to 1060.

The trading platform later said it had increased its support staff fivefold after numerous customer complaints.

As a reminder, the holder of Dogecoin accused Coinbase of unfair competition and misleading advertisements. He demanded to recover more than $ 5 million from the defendants.

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