Just like in reality, there are always people online who take what is not theirs, primarily using it for malicious purposes. In case yours was hacked, you will know the best route to go after reading this article. A user’s password can’t be enough for hacking a Coinbase account because there is two-factor authentication, but hackers can be tricky when it comes to breaching security. Coinbase announced that in the spring of 2021, funds were withdrawn from 6,000 accounts. In other words, 6,000 accounts were hacked. But how? According to Coinbase, the hackers got the phone numbers, email addresses, and passwords connected to customers’ accounts using large-scale email phishing. Additionally, these hackers used a malicious app to access the customers’ email inboxes. This malicious app could read and write in the inbox as long as the user grants permission.
Why Was my Coinbase Account Hacked?
One of the significant purposes of hacking is to steal money or assets. Other reasons for hacking include:
• Getting private information of the victim.
• Malicious activities in the hacked account.
• Impersonating the victim.
When it comes to hacking with coinbase, the primary purpose of hacking is to steal funds and collect the private information of customers. For example, when a hacker gets into your account, he can get your email; the worst is that he can get your linked payment details.
What Happens When my Coinbase Account is Hacked.
When an account is hacked on coinbase, the following things might happen
• Your funds will be stolen.
• You will be impersonated.
• Your account activities go against coinbase policies.
Your Funds will be Stolen.
When a coinbase account is hacked, your assets will be stolen. One of the significant purposes of hacking your account is to steal your funds.
There is a Possibility of Impersonation
Impersonation is the act of imitating someone for fraud. For example, impersonation is possible after your account is hacked. This hacker will pretend to be you to commit fraudulent activities on your account.
Going Against Coinbase Policies
Another effect of hacking is that most of the activities running on your account will go against coinbase policies. This can cause your account to be banned.
What to do When my Coinbase Account is Hacked
If your account is hacked, you need to take rapid action. However, before looking for help, you should block the ongoing financial transactions by temporarily locking your account. After that, you are to report the case of your account to coinbase using an online form.
The steps required to recover a hacked account are as follows:
• Temporarily lock Your account.
•Report the incident to coin base.
• Secure your bank account.
How to Lock your Account
You can call the coinbase customer service number requesting that your account should be locked temporarily. All the activities on your account will be restricted when it is locked.
How to Report the Incident to Coinbase
Use the following steps to report the incident to coinbase
i) Log in to the coinbase website.
ii) Click on “support” on the homepage.
iii) Click “contact us”.
iv) Choose your product and select “Account Compromised and Unauthorized Accounts.”
v) Select “coin base account accessed without my consent.”
vi) Enter the required information.
Make it known that your account has been hacked, and give the details of the activities in the box provided.
How can I Strengthen the Security of my Account?
If you want your account to be strongly protected, then you will need to
• Make use of a strong password.
• Employ the 2-step authentication.
• Protect your email.
• Lock your Mobile wallet.
• Be watchful for phishing.
• Always clean and update your device.
• Add coinbase to your bookmarks.
• Secure your account using cloud storage.
Coinbase is an online platform for digital currency exchanges. To join coinbase, you need to create an account. Ensure you protect your account from scammers and stay alert for phishing online.
A hacked account will be used for fraudulent activities and might cause the banning of your account. If your account is hacked, you can fill out an online form, but you will wait for 15 days before getting a reply—the strength of your account matters.
- Can my funds be refunded?
Yes, if coinbase discovers that your funds were stolen, they will refund it back to you.
- How long does it take to recover an account?
Usually, it takes a minimum of 48 hours or even more.
- What advantage do I have when using coinbase?
Coinbase will refund your stolen money.
