Coinbase Reddit AMA: Inside Job Poses Biggest Security Risk
In the wake of the Bitfinex hack, which resulted in $65 million stolen, Coinbase decided to offer a window into how the company handles security, acknowledging that an inside job poses the biggest security risk. Coinbase: Inside Job is the Biggest Threat. The AMA took place in Bitcoin’s embattled original subreddit, r/Bitcoin, where the moderator Theymos....
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Shubham Sham notified Coinbase of the bug. Coinbase called it low priority, saying the risks are too little to warrant an immediate fix. Editor's Note: Coinbase has defended themselves here. Coinbase is all over Reddit today. Several people reported receiving e-mails from the Bitcoin enterprise, asking them to make a payment to another user. On top of that, a list was released containing information of many Coinbase users. At first, most people thought this was an April fools joke, but eventually, most became worried Coinbase was hacked. With recent events in mind, who could blame them?....
Update 8/10/2015 8:20 PM EST: Coinbase has responded to us regarding its reasoning for its information requirements, saying that, “We are required by law to request extra info for high volume customers. High volume. This is the EDD part of KYC.” Coinbase, as you might know, is what many consider to be the “Apple” of the Bitcoin ecosphere. With media coverage from The New York Times, The Wall Street Journal, and even TIME magazine listing it as number two in its “Top 10 Exciting Startups” article back in 2013, Coinbase is easily one of the biggest startups inside and outside the Bitcoin niche.
San Francisco-based Coinbase announced improved security with new API keys on Friday. A good number of users of Coinbase's services have previously experiencing issues with API keys, particularly theft of their funds - so the news is much-awaiting by those in the community. For starters, the company says users will now have access to multiple API keys, with separate permissions (including IP whitelisting). This means that no longer will users have to share one key between applications (especially if it had global permissions enabled, which increased the risk of something bad happening). In....
Coinbase is adding some notable technology veterans to its team, it says. The new faces at the company - former Facebook security director Ryan McGeehan and Todd Edebohls, Amazon's former director of business development & sales - will bring with them extensive experience in the areas of security and business development. When asked for comment, the San Francisco-based company issued a statement regarding the new team members, which have yet to be formally announced: "These hires represent Coinbase growth, momentum and commitment to security. As an industry it shows bitcoin is growing up,....
When bitcoin exchange Coinbase launched two and a half years ago, Heroku, a simple hosting platform, provided the right solution, said Brian Armstrong, Coinbase co-founder, writing in Medium. Heroku provided a more battle-tested solution than anything the founders could create on their own. But the founders realized that they had to build the next version of their infrastructure from the ground up, giving special attention to security. After one year, the team completed a transition that has operated inside AWS. The experience in developing this solution can serve as a starting point for....