Coinbase Mistakenly Sent Customers a 2FA Reset Notification. Panic Reigned!

On August 27, the American cryptocurrency exchange Coinbase accidentally sent emails to 125 thousand users with the notification “about changing the settings of two-factor authentication (2FA)”. This caused a widespread public reaction.

On August 29, Coinbase apologized on Twitter for the incident, stating:

“We are focused on building trust and security in the crypto community so that the open financial system we all strive for becomes a reality. We understand that problems like these can undermine that trust. ”

Despite Coinbase’s apology, many of its users reported taking significant action in response to this email, fearing that their accounts would be targeted by hackers. They have revised their security settings or even liquidated their cryptocurrency holdings.

The exchange’s social media comments also indicate that many customers were unable to access the Coinbase app for several days after the incident.

“We will continue to work to regain the trust of each of our customers who have been impacted by these notifications,” added Coinbase.

The exchange also announced on Reddit on August 30 that it will reimburse users for Bitcoin (BTC) in the amount of $100. However, in response, Coinbase received mixed reactions from customers.

A user with the nickname “CoCraic_PNW” stated that he has not yet received the promised refund of $100, despite having received a message about changes to 2FA settings on Coinbase and on Coinbase pro. The user promised to transfer his business to another exchange due to this incident.

Film2021 also said it has not yet received any damages and plans to transfer its funds from Coinbase to a competing exchange.

However, another user, nicknamed “Leagance”, praises the firm for promptly offering compensation for its mistake:

“Just got my $100. Thanks to Coinbase. Regardless of the situation, it was nice to know how quickly and easily I was able to lock my account if there was any 2FA change. ”

Interestingly, this incident came just days after thousands of customers reported hacking their Coinbase accounts and stealing funds from their accounts.

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