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With the rise in cryptocurrency prices and ICOs (Initial Coin Offerings), scams, thieves, and hackers trying to steal your money have increased significantly.
This article provides general security information that can be used when dealing with cryptocurrencies, especially when using Coinbase.
Can you get scammed on Coinbase?
You can, and it is a very real scam. The answer is yes, as with any service, there are good and bad people who use it, and there are criminals.
Scammers are getting more sophisticated these days and finding ways to get people to give away their cryptocurrency for nothing in return or send the "money" to the wrong address.
They use social engineering techniques that sound reasonable enough to those who do not know better, and some that sound convincing even to those who should know better and understand
It is important not to underestimate the power of a scammer who simply reads words off a screen and does what he says, because many people have lost their life savings.
It has happened before, and it will happen again unless people are educated about these things and take proper precautions to protect themselves.
Is Coinbase safe to use?
Coinbase is considered one of the safest crypto exchanges as it stores 98% of customer funds offline in hardware, software and paper wallets. Since 2011, all digital coins stored by Coinbase are insured. In addition, Coinbase holds less than 2% of customer funds online at any given time to allow for efficient trading.
The exchange is a member of the U.S. Virtual Currency Exchange Association (JVCEA), which aims to establish transparent industry standards and promote best business practices in the crypto space, with a focus on consumer protection through self-regulation.
Minimum requirements for using Coinbase: digital wallet, valid email address for support, access to a credit/debit card, identification documents.
Coinbase has strict KYC (Know Your Customer) and AML (anti-money laundering) standards.The company requires its users to confirm their identity before buying or selling crypto coins on its platform. Coinbase also allows customers from dozens of countries worldwide to use PayPal as a payment method.
Coinbase is not a regulated exchange and has had some difficulty providing customer support to its users due to the onslaught of online requests. The company says it is working hard to expand its team quickly.
Can Coinbase be hacked?
Yes, Coinbase can be hacked. Hackers can steal your bitcoins if you sign up with an email that has been compromised.
You can prevent this by changing your email account password and then logging into Coinbase again. You should also set up two-step verification so that no other person can access your account without a second authentication code.
If you do not have access to your email, you will need to contact support@coinbase.com. So be prepared to provide a photo ID or a copy of your driver's license (whichever you prefer) and proof of address
Secure your Coinbase account with two-step authentication.
You can also add two-step authentication to your Coinbase account. This requires a second code sent to your phone or generated by an authentication app when you log in from a new computer or device. You should register more than one mobile number on the settings page so that you can obtain this code if your phone is lost or stolen.
If you do not have access to the phone number, you will need to contact support who can remove it from your account to prevent others from logging in. Proof of ID may be required, so have a copy of ID or your driver's license (whichever you prefer) and proof of address (for example, an official document such as a bank statement). You will also need to provide the email address associated with your account so that it can be verified to be yours and removed from your account.
1) How do I know if my Coinbase account is affected by the hack?
Your Coinbase account could be affected by the hack if you receive suspicious-looking emails to your email address.
2) How do I know if my Coinbase account has been hacked?
Your Coinbase account might have been compromised by the recent email hack if you are having trouble accessing and checking the balance of your crypto wallets at Coinbase.
Also, you may have noticed that other personal information on your Coinbase accounts, such as settings or other accounts linked to your Coinbase account, have been changed.
3) Why should I check if my email has been hacked?
You should check if your email address has been hacked, as hackers may use this access to gain access to your Coinbase online wallets.
Check if you can still log in to your email. If your email has been compromised, you need to contact your email provider and reset or change the passwords of any other accounts that may be using the same password as your hacked email account.
When you create a Coinbase wallet, the company stores 98% of its customer funds in offline storage, which it calls "cold storage". This means that it is stored on computers that are not connected to the Internet and cannot be hacked.
However, these types of wallets may need to be connected to the Internet so that your money can be stolen.
The most common way to steal cryptocurrencies is to gain access to another person's private keys, which can be done in a variety of ways, including hacking an exchange or wallet, phishing scams, and even keylogging (monitoring keyboard strokes) when entering sensitive information.
There are also "fake" wallets that store your private keys on a server, which can cause you to lose access to your wallet and coins if the wallet developers have malicious intent.
In other words, hackers cannot steal digital currencies using a public address alone.
The only way someone could access your money would be if they'd access to your Coinbase account or your private key. For this reason, you shouldn't share login credentials with anyone and choose a strong password.
Can Coinbase steal money?
The short answer is no - however, there are some cases where they restrict the use of your account and cause problems when you try to withdraw money. In most of these cases, it is either fraud or a blatant violation of the user agreement.
In the case of fraud, Coinbase will freeze your account without warning or explanation and refuse to pay the money to you. If you have been scammed, it is likely that someone has gained access to your account by either tricking you with a phishing email/link or gaining access to your email/connection accounts and resetting your passwords.
In this case, you will be locked out of Coinbase and have no other option but to contact the support team and try to unlock the account. The good news is that once they have verified you are who you say you are, it will be resolved quickly without any problems.