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Users of Coinbase, a popular cryptocurrency exchange have been experiencing account takeovers from hackers who have been draining the user’s accounts of their cryptocurrency.  These attacks are fast and stealthy. An account can be drained in less than a few minutes if the hackers gained access to the user’s login credentials or they find a way to bypass the two-step authentication features of Coinbase security. Coinbase has been flooded  by consumer complaints after hackers stole cryptocurrency from users’ accounts. Coinbase ascertains that the exchange itself has not been hacked, and that they have good security in place. 

Despite having two-step authentication features on the Coinbase application, hackers have also found ways to access user’s accounts by SIM card swapping. SIM card swapping involves an individual obtaining a SIM card containing the same phone number as their private conversations or information.

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