The Recent Cyber Attack Shook the Employees of the World's Largest Crypto Exchange CoinBase

The Recent Cyber Attack Shook the Employees of the World’s Largest Crypto Exchange CoinBase

The popularity of cryptocurrencies are expanding rapidly, but it appears that this popularity is turning into a curse for the exchanges as one of them seems to be under attack every other day. A new name has recently been added to this long list as a cybersecurity attack shook the employees of the popular cryptocurrency exchange Coinbase. Let’s explore the matter more carefully to discover more about it.

How the Attack was Carried Out?

The cyberattack that the hacker carried out on February 5 proved to be a golden ticket to obtaining sensitive data about company employees, such as names, email addresses, and phone numbers. Fortunately, a relatively small volume of data was taken, which may have led the Coinbase team to breathe a sigh of relief.

But even with such scant information, the attacker managed to launch a devastating phishing effort. The attacker induced the staff members to log into the company’s account to view a crucial message. Thankfully, the attacker’s attempts go down the drain because Coinbase has adopted multi-factor authentication security measures.

Even though the attempt was unsuccessful, the incident caused chaos among current Coinbase users and employees. However, the company guarantees that no financial harm has been done and that all users data is currently secure in the system.

Regardless of assurance, the incident served as a reminder of the importance of exercising prudence in the crypto space.

Who Initiated this Cyber Attack?

The attack is reportedly being initiated by a well-known hacker group that took part in a significant hacking incident. Last year, 130 businesses were engaged in the incident, notably Twilio, Cloudflare, MailChimp, and Signal.