Customers of leading U.S. crypto exchange Coinbase have spent the weekend panicking after the exchange mistakenly sent emails to users stating their two-factor authentication (2FA) settings had been changed. <\/p>\n
On Aug. 27, Coinbase accidentally sent the email to 125,000 of its customers, resulting in widespread public backlash. <\/p>\n
Coinbase took to Twitter on Aug. 29 to apologize for the mishap, stating: \u201cWe\u2019re 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.\u201d<\/p>\n
Despite Coinbase\u2019s apology, many of its users reported taking significant measures in response to the email while fearing that their accounts were being targeted by hackers, including overhauling security settings and liquidating their crypto holdings.<\/p>\n
Comments on the exchange\u2019s social media also suggest that numerous customers were unable to access the Coinbase app for several days after the incident.<\/p>\n
\u201cWe will continue to work to gain back the trust of every one of our customers who was impacted by those notifications,\u201d Coinbase added.\u00a0<\/p>\n
The firm also announced it is reimbursing users with $100 worth of Bitcoin (BTC).<\/p>\n
The exchange posted its apology in the r\/Coinbase subreddit on Aug. 30 to mixed reactions from customers. <\/p>\n
Redditor \u201cCoCraic_PNW\u201d claimed they were yet to receive the promised $100 credit despite having received the 2FA message on both Coinbase and Coinbase pro, pledging to move their business to another exchange in light of the incident.<\/p>\n
\u201cFilm2021\u201d also stated that they were yet to receive the $100 BTC worth of credit and are currently looking to migrate their funds from Coinbase to a rival exchange. <\/p>\n
However, not everyone is wielding their pitchforks at Coinbase, with Redditor \u201cLeagance\u201d praising the firm for promptly offering compensation for its error:<\/p>\n
\u201cJust got my $100. Thanks Coinbase. Regardless of the situation it was nice to know how quickly and easily I was able to lockdown my account if there was some sort of 2FA change.\u201d <\/p>\n