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Coinbase Breach Notification

oag.ca.gov

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Re: Coinbase Breach Notification

#231

Post by tgsovlerkhgsel »

I wonder how "We will be depositing funds into your account equal to the value of the currency improperly removed from your account at the time of the incident" is to be read.

To me, that reads as "if you had 1 BTC stolen on May 20, we will deposit 40k USD into your account, because that was the value of 1 BTC as of May 20", not "if you had 1 BTC stolen, there is now 1 BTC back in your account".

The timeframe listed in the letter covers exactly the time of a massive price spike, so a USD payout would put most people in a better situation than a BTC payout in this specific case, but I'm still curious how this is handled, and whether there is a universally agreed standard for it.

Because next time "we'll reimburse you the USD value of your crypto as of the date of the attack 6 months ago" could mean that someone "made whole" like this has only 10% of what they would have if the attack didn't happen.

Re: Coinbase Breach Notification

#232

Post by tgsovlerkhgsel »

The PDF link (https://oag.ca.gov/system/files/09-24-2021%20Customer%20Noti...) was sometimes throwing a "file not found" error.

Archived version: http://web.archive.org/web/20211001155216/https://oag.ca.gov... (consider https://archive.org/donate to support the cost of operating the archive).

Re: Coinbase Breach Notification

#233

Post by rsimmons »

The irony in that breach document that the first credit monitoring agency mentioned at the bottom is Equifax, having the reputation for one of the worst data breaches in 2017 spanning nearly 150mil American citizens.

Re: Coinbase Breach Notification

#234

Post by JohnJamesRambo »

rchaud wrote: post #200
JohnJamesRambo wrote: post #42

Earlier quoted context omitted.

Many cryptocurrencies are deflationary and/or have fixed supply; I cannot say the same for the dollars in my bank account. https://fred.stlouisfed.org/series/MABMM301USM189S

Bitcoin's near infinite divisibility weakens the fixed supply argument, does it not? The smallest possible fraction of a dollar is $0.01. You can transact BTC in denominations with a lot more zeros behind the decimal point.

Read more about Bitcoin and what fixed supply means. There will only be 21 million Bitcoin ever, but the dollars keep being printed en masse. This makes each Bitcoin continually worth more and each dollar continually worth less.

https://www.visualcapitalist.com/purchasing-power-of-the-u-s...

Re: Coinbase Breach Notification

#235

Post by biushdfjsdf »

vngzs wrote: post #2

Coinbase made everyone whole, and the attackers stole the credentials (not because of Coinbase's fault) ahead of time, and the attackers had to perform a "SIM swap" type attack on the users. "Breach" may be the required term for the Californian government, but this wouldn't qualify to most people as a traditional breach (i.e., compromise of Coinbase's infrastructure). Edit: California, not Canada. My bad.

Even though I stopped using coinbase, I appreciate the company compared to others because:

1) They had a reasonable account recovery process after I lost my phone and therefore google authenticator. Binance's process was needlessly annoying and pointless, kucoin straight up decided this was a good opportunity to just block my account completely and steal my money, even after email verification, as well as me supplying all emails they sent me about account activity.

2) They were the most transparent about new requirements about identity verification than others, and still allow withdrawals without verification.

3) Best UI in the game.

Re: Coinbase Breach Notification

#236

Post by pgwhalen »

knownjorbist wrote: post #228
pgwhalen wrote: post #223

Earlier quoted context omitted.

In all seriousness, in what way is defi interacting with the non-defi world right now to provide value? I'm not too informed about the space, but from a distance it seems like every defi innovation so far is just building on top of something else in the defi space. Classic answers like "banking the unbanked in third world countries" don't seem to be shaking out yet.

To ask a different question of traditional banks - where can you do what you can do in DeFi today in traditional finance - without either being an investment bank or a HNW individual?

I think you garbled some words, can you rephrase the question?

Re: Coinbase Breach Notification

#237

Post by SV_BubbleTime »

nybble41 wrote: post #95
BitwiseFool wrote: post #45

Earlier quoted context omitted.

I am a cryptocurrency enthusiast/advocate, but I've come to the realization that "being your own bank" is actually a terrifying and merciless burden. One small mistake has the potential to wipe you out and there is no way to get your funds back. Despite all the criticisms that come with "the banking system", banks do provide a lot of value to individuals. It is completely understandable that people would want to wrap…

There are hybrid systems which offer the best of both worlds. For example, the open source Muun wallet uses a 2-of-2 key system[0] in which Muun only has access to one of the two keys so, unlike a traditional bank or a custodial exchange like Coinbase, they can't spend any funds without your signature. Your Muun wallet app also only has one key, so authentication with the Muun service is necessary to complete transac…

Let me ask you something quick and think about it for a second.

Could a scam system be made that seemed to work, be advertised, and otherwise identical up until the point of failure as muun?

Re: Coinbase Breach Notification

#238

Post by pgwhalen »

cableshaft wrote: post #70
LightG wrote: post #61

I'm done with anything crypto. Daily. Bug after bug, breach after breach. I just don't see how, at any point in the future, crypto gets any more secure than, say, Microsoft Windows. There'll always be a bug, there'll always be a fix needed. And this isn't, "oh, my software crashed for an afternoon", it's potentially a good chunk of your life savings. I'll take my chances with the banks and Nigerian Princes.

Banks are basically all software too now. They can have the exact same issues. They're not just taking your bills and storing them in a physical vault for you to take out later.

> They can have the exact same issues.

I don't know if this is right. Traditional money transfer is not some absolute, irreversible thing. It is the product of software yes; but more importantly, it is the product of trust between institutions and individuals, backed by government and the legal system.

In traditional finance, there is _far more_ than just the correctness software ensuring the safekeeping and transfer of your assets.

Re: Coinbase Breach Notification

#239

Post by dogman144 »

LightG wrote: post #61

I'm done with anything crypto. Daily. Bug after bug, breach after breach. I just don't see how, at any point in the future, crypto gets any more secure than, say, Microsoft Windows. There'll always be a bug, there'll always be a fix needed. And this isn't, "oh, my software crashed for an afternoon", it's potentially a good chunk of your life savings. I'll take my chances with the banks and Nigerian Princes.

I mean you’re aware USAA got a increasingly damming and public reprimand for their failure of IT security controls? By no means the only bank in that bucket either.

Re: Coinbase Breach Notification

#240

Post by koheripbal »

Animats wrote: post #188

The attack still goes on. Email today: Coinbase Coinbase Verify your email address In order to continue using your Coinbase account, you need to reconfirm your email address. To avoid service interruptions verify your email. Verify Email Address If you did not sign up for this account you can ignore this email and the account will be deleted. Get the latest Coinbase App for your phone Coinbase iOS mobile bitcoin wall…

I've been targeted as well, and there is no way "social media" was a source for my coinbase account details, as the coinbase statement implies.

I am 90% certain Coinbase has suffered a broad breach of customer data that they have not disclosed yet.

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