The accounts of at least 6,000 Coinbase customers were robbed of funds after attackers bypassed the cryptocurrency exchange’s multi-factor authentication (MFA).
According to a notification letter Coinbase sent to affected customers and filed with the California state Attorney General’s office, the theft happened between March and May 20, 2021.
The attacker(s) used a flaw in Coinbase’s account recovery process to seize the SMS two-factor authentication tokens needed to break into customers’ accounts and transfer funds to crypto wallets unassociated with Coinbase.
