"When the attacker withdraws those funds from the exchange, that's not a transaction that you can take back," Ali Comolli, a management and program analyst at the FBI, told CNBC.Ĭomolli said the FBI tries to help victims of account takeovers recover their stolen money. "These exchanges have to invest heavily, invest in security if they want to take it seriously, just like the banks have done and have learned the hard way," Maor said.Īccount takeovers are on law enforcement's radar. He said while credit cards sell for a few dollars, hacked Coinbase accounts can sell for $100 to $150. Once hackers break into Coinbase accounts, they put them up for sale on the dark web, according to Maor.
#Personal nightmare wow how to#
Because they themselves have almost no ability to contact Coinbase and deal with them directly, they're forced to retain professionals."Įtay Maor, senior director of security strategy for cybersecurity company Cato Networks, said he's seen cybercriminals on the dark web discussing how to break into accounts, including those of Coinbase users. "Most people who contact me would tell you it's poor customer service," Silver said. Silver, whose firm represents the Vidovics, said the top complaints from potential clients are getting locked out of their cryptocurrency exchange platform account and SIM swaps.
#Personal nightmare wow professional#
"The problem with SIM swapping and cryptocurrency is the moment you lose access to your cell phone, professional hackers will steal all of your money in less than 30 minutes," said David Silver, an attorney who focuses on cryptocurrency. "As a result, Coinbase is unable to reimburse you for your alleged losses."Įventually, the company sent a $200 credit, telling Ben, "your Coinbase experience and your wait for a response to your formal complaint was not up to our standards."Įxperts say SIM swapping, where fraudsters seize control of a victim's phone number and SIM card through their phone company, is to blame for many of the cryptocurrency thefts. "There is no credible or supportable evidence that the compromise of your login credentials was the fault of Coinbase," the message said. The email noted that transactions on the blockchain are irrevocable and said Coinbase's insurance policy does not cover theft from individual accounts.
The CFPB responded to one of Ben's ensuing complaints with an answer from Coinbase's Regulatory Response Team. "It just seems to me that Coinbase did absolutely zero research and just said, 'Hey, yeah, sorry.'" In a response to his frantic email, Coinbase told Ben his computer had been hacked and there wasn't anything the company could do.
He logged onto his Coinbase app in March, verifying his identity with two-factor authentication, but over a four-minute stretch almost $35,000 in various coins disappeared from his account, he said.
Like the Vidovics, Ben, a Virginia resident who asked that his last name be withheld, said he saw thousands of dollars vanish.
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