Thousands of Coinbase users are getting their accounts hacked

The Dr Boyce Breakdown

Coinbase is under fire for losing crypto through a large number of hacks. According to CNBC, Coinbase is under fire: Cryptocurrency exchange Coinbase started new live phone support in the wake of thousands of customer service complaints. One Los Angeles couple lost about $700,000 from their Coinbase account. The company says it was not responsible for that hack. CNBC interviewed multiple customers who tried the new support option, with some calling it “a joke.” A spokesperson for the cryptocurrency exchange said that it is rolling out more customer support options and that “at no point have attackers breached Coinbase’s security infrastructure.” LOS ANGELES – After thousands of customer service complaints, Coinbase started a new live phone support line. But numerous customers remain frustrated with the company after its latest effort to address their concerns. Take Erick and Molly Richardson, for example. The text message on Erick’s phone alarmed him so much that he pulled over to the side of the road. It was a sunny afternoon in July. The retired attorney clicked on the message which said someone had logged into his account. He logged on, and soon got an email that his two-factor authentication had been changed, meaning his security settings had likely been compromised. Then the nightmare got worse. He and his wife, Molly, had saved nearly $1.1 million in cryptocurrencies. Suddenly, a fraudster started withdrawing all their bitcoin investments, about $700,000, as Erick watched. And there was nothing he could do.