Coinbase, the leading crypto exchange in the United States, has remorsefully apologized to its users after mistakenly sending reset alerts notifying them that it has changed two-factor authentication.
On August 27, the leading US crypto exchange accidentally sent notification emails to 125,000 crypto users, resulting in widespread public backlash.
In an August 29 Twitter blog post, Coinbase has remorsefully apologized for the mishap, stating:
“We’re laser-focused on building trust and security into the crypto community so that the open financial system we all want is a reality. We recognize that issues like this can hurt that trust.”
I got the reply and panicked someone accessed my account or made withdrawals. Immediately logged in and reset my password after verifying nothing happened.
— AJ 👨🏽💻🐕⚾️🎮l👨🚀🚀 (@AgedMcNugget) August 29, 2021
Despite Coinbase apologizing for the incident, more customers reported taking advance cautionary measures in response to the email, with many users fearing hackers targeted their accounts. More users confirmed that they immediately configured their security settings and liquidated their crypto holdings.
According to a shallow analysis conducted on Coinbase’s social media platforms, many comments confirmed that many users have not managed to access the Coinbase app for the past several days after the incident.
Same here. the app still says “we’re having connection issues” while other Coinbase users I know, who didn’t get the SMS yesterday, can still log in.
— Dr. Andrevius Barnaby II (@AndreviusB) August 28, 2021
But, Coinbase has once again reiterated its apology, adding:
“We will continue to work to gain back the trust of every one of our customers, who was impacted by those notifications.”
In that episode, Coinbase has promised to reimburse all affected users with $100 worth of Bitcoin (BTC) in its effort to restore faith and trust to its customers.
The crypto exchange also shared remorseful apologies in the r/Coinbase subreddit group on August 30 to curb mixed reactions erupting from its customers.
While airing his agitation, a Redditor dubbed “coCraic_PNW” claimed that he was yet to receive the promised $100 credit despite receiving a 2FA alert on both Coinbase and Coinbase Pro, pledging to move his business to another exchange in the wake of that incident.
On the same note, another Redditor named “Film2021” also stated that they were yet to receive the promised $100 worth of credit and are currently looking to migrate their funds from Coinbase to a rival exchange.
But, not everyone is wielding against Coinbase, with Redditor “Leagance” praising the firm for promptly accepting the mistake and offer compensation for its mess, stating:
“Just got my $100. Thanks, Coinbase. Regardless of the situation, it was nice to know how quickly and easily I was able to lock down my account if there was some sort of 2FA change.”
The accidental incident happened few days after disgruntled customers rumored unsupported claims that their accounts were hacked and emptied.
In an August 24 story published by CNBC, thousands of users asserted that Coinbase had failed to respond to a request for help relating to the alleged incident. CNBC wrote:
“Interviews with Coinbase customers around the country and a review of thousands of complaints reveal a pattern of account takeovers, where users see money suddenly vanish from their account, followed by poor customer service from Coinbase that made those users feel left hanging and angry.”
Earlier this month, Coinbase had announced a new support phone line for customers who believe their accounts were compromised.