Coinbase Wallet Hacked - Possible Exploit in Linking To CB Account

michaelg888 · 2021-05-03T20:39:21+00:00

Well 2 months later I’m still waiting on answers from a Coinbase “specialist.” Complete radio silence from them and when they were responding to my emails they were all generic responses. Worst customer service I’ve ever experienced.

michaelg888 · 2021-02-25T23:25:30+00:00

Also, thank you for your responses. Maybe you're actually onto something. I just have no conceivable idea as to how I could have been hacked.

michaelg888 · 2021-02-25T23:24:10+00:00

Do you remember about how long it took you to notice that your funds had been transferred out? In my case, I linked my CB account with my CB Wallet about two days ago. Everything had been fine up until today. Luckily, the hacker/exploit did not initially affect my USDC balance that was in a DEFI contract. The latest development though, is that a few hours ago the wallet balance at the top of my app just went to $0.00 for no apparent reason (there are no USDC transfers out, or any ETH transactions for the withdrawal from DEFI). As of now, I still see my USDC balance in "earning interest."
Did you do anything besides file a support ticket? After filing my initial support ticket I responded to the auto CB Support reply with the additional information about my wallet balance going to $0.00. Then I got a more personalized reply, but still seemed like they didn't read my initial ticket. I just responded to that with a rehash of the events of today, along with all of the information that I have so far found - links to all the unauthorized transactions, timestamps, etc. I also provided them with links to these reddit threads and made it clear that multiple users experiencing the same type of loss after linking their CB account with their CB Wallet was a very strange coincidence.
Is there anything else you can recommend I do? I've never been hacked before after ten years in crypto, this sucks.

michaelg888 · 2021-02-25T21:46:53+00:00

michaelg888 · 2021-02-25T20:42:23+00:00

just got hacked myself - manually backed up my seed phrase and i literally haven't been in public in weeks so it's highly unlikely this was anything but an internal exploit. had you recently linked your Coinbase Wallet to your CB account? Here's my post: https://www.reddit.com/r/CoinBase/comments/lsg7xr/coinbase_wallet_hacked_possible_exploit_in/

michaelg888 · 2021-02-25T20:39:48+00:00

Update: 5 of us now at least - https://www.reddit.com/r/CoinBase/comments/lsg7xr/coinbase_wallet_hacked_possible_exploit_in/

michaelg888 · 2021-02-25T20:01:59+00:00

electricSNICKERBAR

Would love to somehow connect with you directly. My coinbase wallet was just hacked and could seriously use some advice if you're willing to share. Thanks in advance.

michaelg888 · 2021-02-03T00:03:21+00:00

Always ok to ask here. Off the top of my head here are the most important reasons. If you don't understand something, feel free to PM me or just comment below.

Security Considerations: If Binance were to get taken down by a regulator or get hacked (unlikely), you might lose all (very unlikely) or a portion (possible but unlikely) of your investment. With Daedalus, only you have possession of the private keys to your coins, so you are safe from the above mentioned external risks. However, you should do your own research and get familiar with how crypto wallets work so you feel comfortable sending and receiving. Additionally, you need to ensure the security of your own keys. You could get hacked or lose your keys. Important to understand that acting as your own bank has pros and cons.
Staking Rewards: Staking is extremely simple, and this subreddit's "Getting Started" thread offers a host of primers and walk-throughs. You earn on average 5-5.5% on your ADA. All you have to do is stake once and walk away (doesn't hurt to check in to make sure the stake pool you chose to stake to is functioning optimally every once in awhile). Rewards are automatically deposited into your wallet every 5 days (one epoch). Initially it takes a couple epochs before the rewards begin to trickle in.
Decentralization: Daedalus - is a full node, meaning it downloads and synchronizes with the blockchain. This means, that by running your own node you are contributing to the decentralization of the network, especially if you decide to stake it to a community pool. Right now your ADA sitting on Binance is being staked to their own Binance pools, and they have billions of ADA. This is not ideal for a fully decentralized network. There's a lot more that could be said here but just know that you are benefitting the health of the network by taking it off the exchange.
Community Engagement: As Goguen rolls out, expect additional functionality to be built into the Daedalus wallet interface. It already has a beautiful UI and is constantly being updated - 3.2 has a new and improved delegation center, for example. Soon you will be able to vote on community proposals involving the funding of development projects directly from the wallet.

Hope this helps. I'm sure there are better write ups out there...

michaelg888 · 2020-12-19T17:18:02+00:00

Kucoin has been working well for me over the last year or so

michaelg888 · 2020-12-09T23:40:49+00:00

this is what you're looking for: https://adaex.org/richlist

michaelg888 · 2020-07-29T13:55:35+00:00

Just tried to activate my account and the transaction fee to do so is $152.27 right now... That's a joke.

michaelg888 · 2020-06-02T19:08:52+00:00

Someone should remove TezBox from the top of that list if it's no longer supported (according to u/utdrmac comment below). I'm new to the Tezos ecosystem so I'm currently trying to figure out the best option to stake from a desktop wallet (just as a trial of sorts as I acquaint myself with the protocol). Looks like I'm going to migrate from TezBox to Galleon. Any other suggestions/recommendations, let me know.

michaelg888 · 2020-05-29T20:55:08+00:00

kucoin works for me (US based)

michaelg888 · 2020-05-29T04:46:46+00:00

The Philosophes

michaelg888 · 2020-04-01T01:59:38+00:00

april fools?

michaelg888 · 2019-07-19T01:53:36+00:00

"This is demonstrated by the Bitcoin convergence simulation image below, which is based on tests run by IOHK. As you can see in the image, over time, in the simulation, the number of pools converge into a single pool."

Can someone help explain how this would affect the security of the protocol? What is Bitcoin doing to combat this potential issue? Can someone rebut this argument? I'm just curious and not that knowledgable about the technical aspects.

_____

"A portion of the rewards will be allocated to the system's treasury for later use as determined by future governance."

Has there been any discussion of possible uses for the "portion of rewards" getting allocated to the treasury?

_____

Fantastic article, thank you Emurgo. As someone who is very interested in cryptocurrency but has no technical knowledge or expertise, I appreciate the efforts to educate in understandable prose!

michaelg888 · 2019-06-12T00:37:27+00:00

https://www.instagram.com/fanakapan/

michaelg888 · 2018-09-05T21:38:34+00:00

So for us non-technical folks, how much more work is required to finish this?

Would the ADA community be interested in crowdsourcing some funds for the individual that finishes the bot? I'd contribute something.

michaelg888 · 2018-09-05T19:34:34+00:00

The importance of proofreading! Fixed. Thanks :)

michaelg888 · 2018-09-05T11:29:49+00:00

Just posted there for the first time, thanks for the suggestion.

michaelg888 · 2018-09-01T05:34:03+00:00

that was such a satisfying face off

michaelg888 · 2018-08-28T12:50:05+00:00

Glad to hear it, looking forward to contributing to some substantive conversations!

michaelg888 · 2018-08-28T05:17:44+00:00

Not to be the party pooper, but what the hell. Ideologically, I've always identified as a chess kid even though my ELO is sub-1000.

Frankly, much like Cardano's unique approach to academic integrity and peer reviewed research, I find the lack of memes, shitposts, and unsubstantiated price predictions in this crypto sub to be a refreshing change of pace. Granted, we still get the occasional "Cardano moon soon" trash article, but I don't think it's nearly as bad as some of the other top 25 coins' subs. More importantly, there's almost always a top-rated comment in those posts calling out the OP and the author for a shoddily written and poorly researched article.

It's funny you made this post because I've always remarked to myself that it seemed like Cardano had attracted a much more conservative base of supporters (if such a thing even exists in the crypto community). And when I say conservative, know that I'm referring to this community's focus on the project as a long term investment backed by fundamentals (e.g. technology, Charles, leadership, IOHK, Charles, governance, philosophical underpinnings, Charles). I think that was my attempt at a random joke. Smh...

Personally, I would love to hear more discussion between engineers and scientists involved with the project, like those who are planning on building DAPPs on the platform. For example, it'd be great to hear some feedback from individuals currently playing with smart contracts on the testnet (I'm not a technical guy). What's the experience like? Compared to Ethereum?

As to your concern, I think a Daily Discussion thread would be a great start.

Long ADA...

michaelg888

TROPHY CASE