Does Coinbase refund stolen money?
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Do you've a Coinbase account? Did you end up losing your money?
Don't feel bad - it happens to many Coinbase users every day.
Unfortunately, the cryptocurrency space is plagued by scams, theft, and fraud.
If you think your account has been compromised, take the following steps immediately.
Second, if you don't want something like this to happen again, get a hardware wallet like Ledger. If you've cryptocurrencies in your own hardware wallet, it's almost impossible for someone to get hold of them.
The question "Does Coinbase refund money if it gets hacked?" is searched thousands of times on Google every month.
Here's the good news first: Coinbase secures most of its digital assets with insurance against criminal activity and will refund your money if your account is compromised.
Even if your funds were lost due to negligence or personal failure, your account may still be refunded.
Coinbase goes to great lengths to protect its users and has a process in place to refund its users if their digital assets are stolen.
Maybe Coinbase's high fees are worth it after all if they help the exchange pay for your Coinbase account insurance.
How do people get hacked?
Phishing attacks
The most common crime in the crypto space is a phishing attack. Phishing attacks are the most widespread form of cybercrime. To become a victim of such an attack, all you need to do is click on a fake link sent to you in an email or SMS.
Your account is compromised because hackers take control of your computeror phone and gain access to your Coinbase account.
Coinbase customers report suspicious activity such as receiving text messages for 2FA codes when not trying to log in, followed by an unauthorized or incorrect transaction.
Unauthorized transactions are what happens when hackers transfer your money from your Coinbase account to theirs.
Check your email account as well
If it's a phishing attack, it's likely that hackers have hijacked your email account. Try logging into your email. If that doesn't work, contact your email provider (for example, Gmail) and have your account reset.
Reset your email password if an email breach occurs. Resetting your email password is quick and easy and is an important step in stopping the hacker in his tracks.
Incorrect crypto address
Another commonly reported mistake is sending money or cryptocurrencies to the wrong recipient address. Although this isn't technically a "hack," it still results in the loss of funds. Another form of
Coinbase refers to sending funds to the wrong account as an "unauthorized or incorrect transaction."
Major Hacks
The last and least common security breach is a major hack. Coinbase manages billions in cryptocurrency assets. Obviously, there's a huge incentive for bad actors to commit cybersecurity breaches and gain access to the vast amounts of cryptocurrency funds held on exchanges.
These hacks occur every few years and usually affect "only" a few thousand users. Coinbase automatically refunds all affected accounts. The probability that you've lost money due to a hack is low.
What about my bank account?
If someone has taken control of your Coinbase account, it's possible that they're sending funds from your bank account to your Coinbase account and then cryptocurrencies to their wallet. If this has been the case, you'll need to provide Coinbase with a bank statement proving these illegal withdrawals.
How do people get their money back?
Notify Coinbase
You can notify Coinbase by filling out a customer support form. Select Coinbase or Coinbase Pro. On the support form, select "Account Contained" and "Unauthorized Accounts." You can also request a temporary suspension of your account using the same form.
Wait and answer questions
After you inform the team about the hack, customer support will open a case (or a support ticket) for your case. A small team within the company reviews all these cases, so this is the part that takes the most time, in some cases up to a month.
If you or your account, you should contact them immediately.
Get a result (and hopefully a refund!).
The customer service team will contact you and decide whether they or you're to blame for the event. If you've fallen victim to a phishing attack, you'll probably be fully compensated.
Coinbase is a force of nature (or rather, capitalism).
Coinbase is one of the most popular crypto exchanges.
If cryptocurrency exchanges were smartphones, Coinbase would be the iPhone, Binance would be the Samsung Galaxy, and KuCoin would be the Xiaomi. Coinbase has a reputation for being the best brand and the most secure.
And why? Because Coinbase is an American company that's fully regulated by American law. Also, Coinbase is regulated by the Securities and Exchange Commission (SEC) because it's publicly traded on NASDAQ.
Because Coinbase is publicly traded, the company has been subjected to harsh criticism regarding everything, including customer service. Fortunately for us, Coinbase has ramped up its customer service since going public in October 2021.
By the end of 2022, Coinbase has a user base of 98 million - roughly the population of Vietnam or Egypt. I believe when the next bull market comes around in a few years, that number could exceed half a billion.
Get a hardware wallet, get 2FA.
Don't want your accounts hacked again?
Up your security game. Store your assets in a hardware wallet. If you haven't set up two-factor authentication for all your crypto accounts, do so immediately.
Get someone on the phone
This is my favorite way to do business. In most cases, a phone call is always faster. Coinbase customer support is available by phone 24 hours a day, seven days a week.