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Last Friday, Coinbase, a large cryptocurrency exchange in the United States caused massive public shock when it notified its customers via email and SMS that their 2Factor Authentication settings have been changed.

What Happened?

On August 27th, approximately 125,000 users were wrongly informed by the crypto exchange that their settings have been updated between 1:45 pm PST and 3:07 pm PST.

This seems to have been sent by mistake as none of the users made the change or were signed into the platform at that moment.

Coinbase declared it had started to investigate the incident, but users don’t have to worry or do anything regarding the incident at the moment.

We are aware a large number of customers have received notifications (email/SMS) that 2FA settings were changed. This appears to have been sent in error. We are still investigating why this message was sent, but no action is required at this time.

We’ve verified no security settings were changed unintentionally, and the notifications were sent in error. Full functionality is restored, and we’re continuing to monitor to be safe.


Coinbase Apologises

The crypto exchange declared that the emails were sent because of a technical issue they had and let everybody know that no malicious behavior has been detected.

Coinbase apologized for the situation, but despite that many customers reported taking measures following the incident while fearing that their accounts were being at risk.

Also, the comments on Coinbase’s social media showed that many of them weren’t able to access the crypto exchange app following the incident.

The organization announced it is reimbursing its customers with $100 worth of Bitcoin.

The erroneous notifications incident happens shortly after it was disclosed that thousands of angry customers affirm their Coinbase accounts were hacked and emptied.

According to CNBC, Coinbase’s customers claim that the crypto exchange’s support has failed to respond to requests for assistance relating to the supposed incident.

Users who think their account has been hacked are urged by Coinbase to call the new support phone line and they will immediately be attended by a live support agent.

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Antonia Din

PR & Video Content Manager

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As a Senior Content Writer and Video Content Creator specializing in cybersecurity, I leverage digital media to unravel and clarify complex cybersecurity concepts and emerging trends. With my extensive knowledge in the field, I create content that engages a diverse audience, from cybersecurity novices to experienced experts. My approach is to create a nexus of understanding, taking technical security topics and transforming them into accessible, relatable knowledge for anyone interested in strengthening their security posture.

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