Coinbase to reimburse 6000 victims of a phishing scam

One of the collateral benefits of the progressing crypto adoption could be increased computer literacy, as people learn to take responsibility for their assets: chose a legit exchange, move fiat, place a correct crypto buying order, set up and move funds to a non-custodial wallet… etc.

What’s sad, however, is that many people get fooled as they ignore basic security rules:

⚠️ You don’t send your dollars to an unknown guy from the Internet claiming to be a crypto broker – you google “crypto exchange” to find a legit one

⚠️ You ignore phishing emails asking for your credentials

⚠️ You note well your wallet seed and don’t disclose it

⚠️ You ignore scam posts promising to send you 2 bitcoins if you send them 1 bitcoin…

This may seem so basic, but the profusion of scams shows that there are still many people falling for them, and the recent Coinbase disclosure about over 6’000 customers who got phished and lost their funds only proves it. In Coinbase case the hackers also got around its SMS-authentication feature (better use Google Authenticator or a hardware device for 2FA!), and the exchange promised to reimburse the funds. Nonetheless, such cases should be used as a general warning to be vigilant with all your crypto activities.

People who still struggle with basic online security can invest in crypto at physical points, such as crypto ATMs or walk-in shops that begin to pop up all over the world. Those can generally be checked as any other registered business and prosecuted according to the country’s laws if things go wrong. That’s a cumbersome way to get into the Internet money, but it’s still welcome if it can bridge generational or technological gaps.

In the meantime, we do hope people can learn on their mistakes and the mistakes of others, making their online and crypto activities safe ☔