Cryptocurrencies have revolutionized the world, for sure, but when you own them, due to their decentralized nature, they’re way riskier than keeping money in banks.
Every year, cybercriminals steal cryptocurrency worth billions of dollars through hacks, exploits, and ransomware attacks.
If you have fallen victim to any of these on Coinbase, first of all, I am really sorry for your loss.
Now, let’s discuss how these hacks are carried out, whether Coinbase can recover your stolen crypto, and if, in any case, they can’t help you, what you should do to recover your stolen crypto!
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How these hacks and scams are carried out on Coinbase?
The most popular ways to hack centralized crypto exchanges are through phishing and malware.
How hacks are carried out on exchange level?
Scammers start by obtaining a list of employees, studying their interests, particularly on social media, and then sending phishing emails to the most gullible people to gain access to the exchange network.
Once they get inside virtually, they quickly and quietly steal their critical information and then send the cryptocurrency stored in the exchange’s wallets to themselves.
Coinbase consumers are the victims of a new phishing scam that has appeared. Several scammers are taking advantage of Coinbase to defraud people.
How hacks are carried out on user level?
One of their most well-liked tactics is sending phony Coinbase support emails.
Users of Coinbase have reported a number of phishing attempts that used the cryptocurrency exchange’s domain name.
The crypto exchange’s users reported that they received texts and emails from scammers with links under the domain Coinbase.com.
In the biggest phishing scam targeted at Coinbase, users were told that their accounts had been deleted as a result of suspicious activity.
A message like this could suggest that someone accessed your account without your permission, which would usually make most people suspicious.
The target will be given instructions on how to use the link in this type of email to log in and reactivate their account.
The links in a phishing email, however, direct you to dangerous websites designed to steal the information you enter. Even I have received such emails multiple times for different purposes.
The attacker will therefore be able to view your login information if you enter it on one of these dubious websites and use it to access your Coinbase account.
However, according to a blog on the Coinbase website, the staff of the exchange will never request passwords, two-step verification codes, or remote access to devices from users.
So, scammers use fake Coinbase emails to try to steal your cryptocurrency, but in order to access your Coinbase account, they need your login information.
For this reason, it is essential to enable two-factor authentication and protect your login details.
Is there any possibility of recovering stolen crypto?
If you got hacked or scammed on Coinbase, now what? Can you recover your stolen crypto? Here is the answer.
As you know, even Bitcoin is traceable and all crypto scammers can be traced. It is sometimes possible to get stolen cryptocurrency back. However, success in recovery is not a guarantee and depends on a number of factors.
Reporting and documenting the theft as soon as you can is the first step that increases the chances of recovery.
Users should include information about the transaction involving the stolen cryptocurrency when speaking with the cryptocurrency exchange or wallet provider.
This is something that customers should never forget. That’s why the best is to spot bitcoin scammers at the very early stages.
Once you have reached their team, there are still chances that they help you recover your stolen crypto because it’s possible that scammers has not moved those coins to somewhere else.
If you could prove it that you were hacked or scammed, then they may freeze their coins.
But it rarely happens that scammers keep crypto on the same exchange.
I remember a recent hack on Binance of 10 million dollar, where scammer kept their crypto on Binance’ wallet, and they freezed it.
So no matter what your first priority should be to reach out to your customer services, or you can also trace stolen crypto on different networks like Ether Scans, Bsc scan, etc.
Well, to understand why exchanges might not be able to help you most of the time, first, you understand how crypto exchanges like Coinbase work.
In contrast to traditional banks or other financial organizations, the government neither insures nor regulates cryptocurrency exchanges.
This suggests that your money is less protected when you deposit it into a cryptocurrency exchange than it is when you deposit it into a conventional bank account.
Sadly, Coinbase is unable to compensate for losses caused by fraud. To keep your account secure, it is your responsibility to use the provided security tools.
Any agreement you knowingly make with another person is your responsibility. You might not be able to get your money back if the exchange is hacked or if you fall victim to fraud.
What should you do if someone has stolen your crypto on Coinbase?
Here are two immediate actions you can take to recover your stolen crypto on Coinbase.
Reach out to the support team
As mentioned earlier, if someone has stolen your cryptocurrency from Coinbase, the first thing you should do is get in touch with their support team as soon as possible.
They will be able to help and support you as you investigate the possible theft. And there are chances that you will recover your stolen crypto.
The live customer support team at Coinbase is available around-the-clock and will be able to look into any possible fraud activities.
If the money was taken from your Coinbase wallet, the security team at Coinbase will try to locate the stolen assets and find any suspicious activity on your account.
Coinbase might be able to work with law enforcement and collaborate with security firms to look into the origin of the stolen assets and help you recover your stolen crypto.
In some case, exchanges can play a big role in crypto recovery. For instance, if you have lost USDT, stolen USDT recovery can easy because exchange can help you freeze your stolen USDT.
Similarly, if you have lost BNB, BNB can also be recovered if you reachout to Binance quickly.
As a result, you can get your crypto back.
Hire a crypto recovery expert:
Another effective strategy to recover your stolen crypto on Coinbase is to hire a crypto recovery services.
As discussed, it’s clear that there are no guarantees that Coinbase would reverse your money, as they have their limitations.
But if you’ve lost your life savings, you should not sit and regret it.
You should use the best possible strategies to recover your lost funds.
Legitimate crypto recovery companies like Online Investment Scams has bitcoin scam recovery experts who will guarantee that they will help you get your money back (if you were actually scammed or hacked)!
You can reach out to an expert here.
Can a Coinbase transaction be reversed?
Transactions on Coinbase cannot be undone. Once a transaction has been broadcast to the network, it cannot be stopped or reversed. This is due to the decentralized and pseudonymous nature of the blockchain technology used by Coinbase.
Coinbase lacks the ability to undo or cancel a transaction since it does not hold or control the private keys linked to a wallet. Coinbase does offer users some protections in case a transaction is completed incorrectly or money is sent to the wrong place.
When a payment is accidentally or intentionally made to the incorrect address, qualified customers may be entitled to compensation under Coinbase’s Pro coverage.
Enhance your security on coinbase
Scammers will always target profitable and private assets like cryptocurrencies. However, if you stay focused, you can easily avoid them.
Here’s how to stay clear of common Coinbase frauds:
- Regardless of the platform you’re using, be cautious when speaking online with someone you don’t know
- Avoid clicking links unless you are certain of their source and destination
- A deal that seems too good to be true is probably a scam
- Use SSL-certified secure websites to encrypt data
- If an offer or a warning seems too urgent, be suspicious
- Never share your login details
- Avoid interacting with anyone who asks about cryptocurrency payments on social media
- Use a VPN when sharing confidential information online