Users panic after Coinbase mistakenly sends 2FA reset notices to customers. On Aug. 27, Coinbase sent an email to 125,000 users by mistake to apprise them that they modified their two-factor authentication (2FA) settings, causing a large backlash.
Coinbase wrote on Twitter on Aug. 29 apologizing for the incident, saying “Our mission is to build trust and security in the crypto community so that the open financial system we all desire is a fact. We are aware that such issues can hurt trust”.
In spite of the exchange’s apology, numerous users took significant precautions as a result. With fearful concerns that hackers might be targeting their accounts. Including modulating the security settings and liquidating their crypto assets.
Comments on Coinbase’s social media claimed that several users experienced access challenges to the exchange’s app for few days following the incident.
We are striving to regain the trust
Coinbase added, “we will strive to regain the trust of all of our customers”.
The company also confirmed its commitment to compensate users with $100 worth of Bitcoin (BTC).
Even after having received the 2FA message on both Coinbase and Coinbase Pro, Redditor “CoCraic_PNW” declared they were yet to receive the promised $100 credit. Undertaking to move their business to another exchange after such an incident.
In like manner, “Film 2021” also claimed that they are still waiting for the $100 BTC worth of credit. Additionally, at the moment, they are considering migrating their funds from Coinbase to a competitor exchange.
Nonetheless, despite the harsh criticism, Redditor “Leagance” praised Coinbase for promptly compensating its customers.
“Just got my $100. Thanks, Coinbase. Despite the situation, it was satisfying to realize how promptly I was able to suspend my account if there was kind of 2FA modification.”
A few days earlier to the incident, thousands of Coinbase’s indignant customers claimed that their accounts were hacked and emptied.
CNBC sheds light on the story
The CNBC article published Aug. 24, explained that thousands of users confirm Coinbase’s fiasco to respond to requests for help relating to the purported incident.
“A review of thousands of complaints shows that Coinbase customers have experienced account takeovers, where money suddenly disappears from their accounts followed by poor customer service,” CNBC said.
For customers who believe their account has been hacked, Coinbase introduced a new support line earlier this month.