Coinbase catastrophe? Money stolen, people blocked

After a crypto heist wiped out Coinbase user accounts, critics are out for blood

Coinbase users world-wide were walloped by hacker heists, clearing crypto accounts holding five and six-digit dollar sums worth of cryptocurrencies. Attacks of this kind already occurred earlier this year, as The New York Times reported, with customer suing Coinbase over $100.000 worth of crypto stolen. Now, the horde of Coinbase users is losing it, as not only the lack of security is alarming, but also the absence of customer support.

Coinbase customers that were affected by theft, blocked accounts or other difficulties reported that Coinbase did not act upon any complaints or requests. Either they received generic e-mails not addressing the issue or no reply at all. CNBC stated that complaints had exceeded to thousands. It is safe to say that if the exchange doesn’t react soon, this fiasco can be described as a detrimental PR disaster.

Coinbase is a legal cryptocurrency exchange platform in more than 100 countries and counts nearly 70 million users. It was founded in 2012 and was, prior to this year, considered safe. Now the only safe thing about this story is the fact that many users who didn’t suffer directly from the attack will move their money to another exchange before losing it.

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