Coinbase user outraged by delayed disclosure

Coinbase, the largest US crypto exchange for commercial volume figures, is intensively countered after reports carried out sensitive customer data on Thursday.

The users recorded weapons after reports pointed out that the risk was known to months before the company opened the incident.

User is outraged as a data leak months before disclosure

The insider violation, which reported “less than 1 %” of the monthly active users of Coinbase, triggered a widespread outrage in the crypto community. Users report that they pretend to be sophisticated phishing and identity fraud.

Among them is Qwqiao, a supposedly more targeted victim that tells the terrible precision of the fraud. Qwqiao, who works in customer support at Alliance Dao, said he almost fallen victim to, but translated the bad actors.

“… I called them at the end of the call and informed them that they had to strengthen their game because this fraud was delayed. They told me that they deserved $ 7 million that day,” he said.

Adam Cochran, a renowned x number (Twitter), condemned coin base failure to protect data such as IDs and physical addresses of state IDs and physical addresses. He says this defect is risks that far exceed the financial loss.

“The disclosure of Coinbase here focuses on the stolen funds, but that is irrelevant. No element of the KYC/AML directive requires that this type of thing is accessible to your customers -Support agents. I do not want to hear what Coinbase is doing to get money.

The outrage comes in view of the allegations that the violation came back in January. Users and analysts say that the alleged silence of Coinbase has left users vulnerable for months.

“Coinbase knew that you have stolen your user data since January but have not said anything so far?

According to duo nine, The alleged supervision of Coinbase even brings institutional stocks in a concentrated risk. Coinbase plays a dominant role in the Crypto Spot ETF (Exchange Traded Fund) Market. In particular, it offers custody services for eight out of 11 Bitcoin ETFs and eight by nine Ethereum -Tfs.

Coinbase Exchange also offers trade designs and market surveillance services. In particular, this is not the first time that its dominance in custody services has led to considering his position as potential individual failure.

“It is not a good thing that almost all Krypto -Endermitters have the same administrator for all their BTC and ETH. This makes Coinbase a potential individual point of failure, and that is scary,” said Eleanor Terret recently.

Coinbase did not immediately respond to the request from BeinCrypto for a comment.

The leak risks are unpredictable and dangerous

In the meantime, concerns arise that this violation is uniquely worrying because Coinbase has not been hacked. Instead, it was revealed from the inside. A support employee has accessed and sold on customer data on the black market.

For some, this is a blatant failure of internal controls. Bob Loukas, a position dealer, clearly spoke and asked the exchange due to a lack of disclosure.

“You know that you are sitting on the most sought-after data and you enabled support agents to be able to access it in large quantities. This is unacceptable,” said Loukas.

The effects go beyond financial theft. Rotki founder Lefteris Karapetsas warns that the centralization of data in real identity in addition to crypto balances is a “catastrophe that is waiting for it”.

“Coinbase has just proven again why centralized data honeypots are a catastrophe that is waiting for it.

Rotki is a portfolio tracking -app with Karapetsas, a data protection expert who refers to a recently carried out kidnapping attempt with the family of a Parisian crypto leader. Ariel Givner, a company attorney specializing in FinTech, confirmed the fears of the real world.

“I contacted five people today. You are afraid of your family's security. It can get worse,” she wrote.

Intelligence experts say that the incident could be part of a larger dark web sale. According to cybersecurity sources, a threat player recently offered a framework of 18 million records of US crypto platforms.

Among them contains over 432,000 Coinbase user records for 10,000 US dollars with names, e -mails, telephone numbers, addresses and much more.

Coinbase does not yet have to take into account the outrage about the users, but it offers a 20 million dollar reward fund for information that leads to the arrest and conviction of poor actors. The stock exchange said it contacted all affected victims.

“If your data has been accessed, you have already received an e -mail from [email protected]; All notifications went to the affected customers at 7:20 a.m., ”said Coinbase Support on X