Coinbase Security Breach: 3,420 Names, Passwords, And Email Addresses Exposed
It’s been recently reported that Coinbase Custody bought Xapo’s institutional business and this move made the entity the largest custodian in the whole world.
Now, Coinbase is in the news again and this time it’s far from being something positive.
Coinbase exposed user data
The crypto exchange revealed that it accidentally exposed the passwords of 3,420 customers due to a security glitch that took place.
The exchange claims that some of the customers’ registration details have been temporarily stored in plain text files on the internal server of the platform.
“Under a very specific and rare error condition, the registration form on our signup page wouldn’t load correctly, which meant that any attempt to create a new Coinbase account under those conditions would fail. Unfortunately, it also meant that the individual’s name, email address, and proposed password (and state of residence, if in the US) would be sent to our internal logs,” according to official notes.
On the other hand, the exchange doesn’t think that bad actors found the files. Still, they decided that it’s worth taking precautionary measures just in case anyone accessed the data.
“After we identified and fixed the bug, we traced back all the places where these logs might have ended up. Access to all of these systems is tightly restricted and audited. A thorough review of access to these logging systems did not reveal any unauthorized access to this data,” according to reports from the Daily Hodl who cites official data.
Coinbase also said that they triggered a password reset for all affected users.
Binance was recently hacked
This issue with Coinbase comes right after Binance was hacked and user data was leaked online.
Coinbase is a digital currency exchange headquartered in San Francisco, California.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.