Coinbase Moves to Calm Security Concerns Amid Theft Reports
Andreessen Horowitz-backed bitcoin wallet provider Coinbase confirmed via a company blog post on 7th February that "a small handful" of its customers have fallen victim to phishing attacks. The reports of bitcoin wallet security vulnerabilities, however small, have nonetheless reverberated widely in an industry that is being increasingly cast in a shroud of uncertainty by the mainstream media. A separate account of the incidents by online news source The Verge paints a very different picture of the situation, suggesting that the thefts, while in some cases the fault of Coinbase's users,....
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According to a study conducted by the US Department of Commerce, almost half of Americans are reluctant to shop online due to concerns over privacy and security. The study, conducted by the Department of Commerce’s National Telecommunications and Information Administration (NTIA), revealed that 45% of American households polled online reported limiting online activity because of security and privacy concerns. Fear of identity theft and government hearing unpopular opinions. According to the NTIA’s study, almost half of citizens were concerned about either transacting financially,....
San Francisco-based bitcoin wallet provider Coinbase formally responded to community concerns relating to a design function of its 'Request Money' service on 1st April, amid reports that suggested this service could be misused by phishers and fraudsters. The response was issued after a Pastebin entry surfaced suggesting that roughly 2,000 Coinbase customer names and emails were compromised as part of a "data breach" of the site, rumours that caused widespread speculation on reddit and social media. Speaking to CoinDesk, the company clarified that, although certain user personal information....
In a surprise post on Coinbase's blog today, Coinbase revealed that they have "been insured for almost a year." Coinbase insurance was secured through worldwide insurance broker, Aon. Aon has over 60,000 colleagues worldwide and provides services for clients in over 120 countries. That Coinbase is securing insurance from a potentially worldwide network of underwriters is no small fact to look over. Coinbase's insurance policy "covers losses due to breaches in physical or cyber security and employee theft." Pointedly, Coinbase insurance does not help any individuals that lose their bitcoins....
There is a developing story of a hack targeted at the Steam community through their KeyVendor bot. Steam just started accepting Bitcoin earlier this year, and KeyVendor is a popular bot program within the community that apparently uses Coinbase for Bitcoin security and conversion. On Monday night, ‘Jambo’ of KeyVendor.net revealed the theft on their Bitcoins and wasted no time laying the blame at the feet of Coinbase. “Our payment processor Coinbase.com was exploited and all Bitcoin and keys were stolen from the KeyVendor bot,” Jambo said in an initial community announcement. “These total....
San Francisco-based Coinbase has published an interesting blog post on Wednesday, which essentially serves a means of comforting its users. In short: the company announced that it holds insurance against both theft and loss of the bitcoin they hold - much of which belongs to its over one million users. Interestingly enough, however, they say that they have been insured since November of 2013, adding that "given the recent claims of insurance in the industry," felt it appropriate to inform its user base. They write: Coinbase is insured against theft and hacking in an amount that exceeds the....