Coinbase is one of the largest cryptocurrency exchanges with millions of interested users in trading the assets. It is a safe and super secure user interface platform which simplifies the trading experience for its customers. Besides, it is one of the easiest crypto investing networks among other exchanges.
On Friday, Coinbase mistakenly sent erroneous emails to almost 125,000 users regarding the two-factor authentication (2FA) settings. The content of the email stated that the security settings have been changed. So, upon receiving these emails, all the customers were scared thinking the account was hacked.
Moreover, this incident went public and it is the talk of the town affecting a large number of crypto users. In addition, the firm states that it is the internal error which suddenly started to send error notices to more than 100K users. And Coinbase was very confident that it was just a bug, not a malicious error.
Yesterday, from 1:45pm PST to 3:07pm PST, Coinbase sent roughly 125,000 customers erroneous notifications that their 2FA settings had changed.— Coinbase (@coinbase) August 28, 2021
Coinbase Immediate Measures
Further, after noticing the issue, the crypto exchange immediately sent the following email stating the notification was “sent in error.” Then the entire Coinbase team were finding solutions to rectify the mistake. Additionally, the users were also unable to open the Coinbase application which triggered the fear even higher.
More so, many users might have lost their trust due to this unexpected error which has shaken the customers. So in order to maintain a warm and a positive environment, Coinbase community states,
“We recognize that issues like this can hurt that trust. So our team will continue to work to gain back the trust of every one of our customers who was affected by those notifications.”
Additionally, the exchange plans to reimburse its valuable users with $100 worth Bitcoin (BTC) as an apology act. But it is now a challenging period for the popular exchange to convince its users and build the same trust.
However, users and other partners of Coinbase might plan to shift their accounts and businesses to some other secure exchanges. This will reduce the fame and standard of the exchange in the marketplace.