Coinbase security
I started investing into crypto through coinbase. My process is simple - DCA into top 3 crypto and let them stay there for a while. My question - how safe is coinbase. If it's not safe, what's the best way to safeguard my investment. Thank you. #crypto #investing
My CB account was hacked in conjunction with T-Mobile. They had all the details. They first took over my T-Mobile SIM and then reset my yahoo account which was the default mail account and made sure I was locked out and then they logged in and converted all my crypto to BTC and transferred it out. It was pretty well thought out and the hackers had all the details they needed. When I reached out to CoinBase they said it’s my fault that I didn’t choose Authenticator in 2FA and locked my account out till I reverified with all my details…it’s sad that I was the one who lost my money and then I had to go through that ordeal with CoinBase. I lost 4-5K that day so I set it aside as a bad investment and never used Coinbase from that day forward. Now I just store all my crypto on cold storage. Bottom line is “no amount of security controls is a match for a well sponsored and motivated hacker”. So assess your own risk and make your own choice/decision.
I'm curious why you admit it was your own doing (not using a proper 2FA mechanism), yet wrote off Coinbase all the same.
The point was 2FA had multiple methods including using a phone provider. However the data associated with my account was CBs responsibility. They were breached and didn’t notify people affected. The hacker knew what my mobile number was, the mobile provider was, what email was associated with my account , what 2FA I had on my account and that I had crypto in my CB account. So yea I didn’t have an Authenticator set for 2FA instead had a phone associated but what is CBs responsibility here for the breach which leaked my data and then to say it’s my fault?
Coinbase was never hacked with respect to all other exchanges
“Not your keys not your coins” safest way to keep your coins . Come up with a 12 word mnemonic that you can memorize. Memorize hard, repeat in your head everyday. Move all your coins to the keys generated from this mnemonic.
Give me your password , and username. I will keep it safe for you. Or just enable 2FA, and set up notifications for all activity and request 2FA for all transactions like buying, selling, transferring. Security wise, Coinbase is probably the best exchange, no wonder their fees are high. If it's a significant amount, spend time in learning and buying real hardware wallets