On Friday, thousands of Coinbase users received a message telling them that their account’s two-factor authentication had been changed. This, as you’d expect, sent many users during a panic, including some who said they sold off their digital assets out of concern their accounts had been compromised. However, over the weekend, Coinbase revealed the message was a mistake.
Coinbase may be a popular cryptocurrency platform that permits users to shop for, sell, and hold various digital coins, including popular ones like Bitcoin and Ethereum. In addition, users can secure their accounts using two-factor authentication, which adds a layer of security by requiring the user to verify they’re the one logged in.
Yesterday, from 1:45pm PST to 3:07pm PST, Coinbase sent roughly 125,000 customers erroneous notifications that their 2FA settings had changed.
— Coinbase (@coinbase) August 28, 2021
During the evening (Eastern time) on Friday, around 125,000 Coinbase users received a notification telling them that their two-factor authentication settings had been changed. Such a message would typically indicate that the account had been compromised by a 3rd party attempting to steal the crypto holdings.
However, in this case, the messages were thanks to a mistake that Coinbase reported subsequent day, Saturday, through its Twitter account. the corporate said its team worked to place an end to the accidental message, acknowledging that this type of mistake can “can hurt that trust” its users have within the platform.
The incident happened only days after a report from CNBC that claimed many Coinbase users have experienced “account takeovers,” with the hackers draining their funds. The users alleged that Coinbase offered poor customer service in response to the complaints; in response, the crypto company said it’s within the process of expanding its support options.