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Coinbase User Loses Over $12,000,000 in Bitcoin After Falling Victim To Fake Notification Scheme: Report

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A Coinbase customer is counting millions of dollars in losses after the Bitcoin (BTC) he bought on the US-based crypto exchange was stolen.

The Coinbase customer bought 200 Bitcoin in April, worth $12,380,000 at time of writing, according to Business Insider.

Per the report, the Coinbase customer identified by the initials G.R. received a fake notification informing him that his account was locked after purchasing the Bitcoin. G.R. then called a number provided in the fake notification under the assumption that it was a Coinbase customer service representative on the other end.

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G.R. was then instructed to make a number of changes to his Coinbase account by the person impersonating the crypto exchange’s customer representative, known only as “unidentified individual 1 (UI-1)”.

The changes included allowing remote access to the Coinbase account, according to a complaint filed in California cited by Business Insider.

Says Assistant US Attorney Dan G. Boyle,

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“Once granted access to the Victim Account, UI-1 increased the daily transaction limit and also attempted to deactivate certain notifications and alert settings on the Victim Account.”

The report says that Bitcoin and Stellar (XLM) worth millions of dollars were stolen moments after G.R. made the changes to the Coinbase account.

According to the report, the stolen funds were moved through various accounts via a series of transactions. About 10.2 Bitcoin ($622,939) was channeled to an account held with Seychelles-based cryptocurrency exchange Huobi Global.

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Huobi has agreed to freeze the 10.2 Bitcoin until the resolution of the investigation, according to the report.

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Coinbase

Coinbase Cloud Aims to Become the AWS of Crypto, Says CPO

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The Coinbase official claimed that Coinbase Cloud could become the “Amazon Web Services of cryptocurrencies.”

Coinbase wants its Coinbase Cloud division to become the cryptocurrency equivalent of Amazon Web Services (AWS). The infrastructure product of the exchange will “help developers build their applications” at a faster step, said Surojit Chatterjee – Chief Product Officer.

How Does Coinbase Cloud’s Future Look Like?

Established nearly 20 years ago, Amazon Web Services (AWS) – a subsidiary of the e-commerce giant Amazon – is now the company’s main profit engine. It generated more than $13 billion in annual operating earnings in 2020 on a revenue base of nearly $45 billion (64% of its parent firm’s total).

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At its core, AWS provides on-demand cloud computing platforms to individuals, firms, and even governments on a pay-as-you-go basis. One of its services includes Amazon Elastic Compute Cloud (EC2), which provides users with a virtual cluster of computers available 24/7 through the Internet. Currently, AWS is the leader in the cloud sector, surpassing its closest competitors Microsoft Azure and Google Cloud.

Having said that, it is no wonder that Coinbase wants one of its infrastructure products to look like AWS, as Surojit Chatterjee – CPO at the exchange – said in a recent interview with Forbes:

“We want to be the AWS of crypto. We are building this whole Coinbase Cloud suite of products that you can think of as crypto computing services to help developers build their applications faster.”

Price swings in the cryptocurrency market occur quite frequently. As such, the exec revealed that Coinbase is seeking to boost trading income by providing subscription services that can withstand the fluctuations. For that purpose, the venue provides staking possibilities, custody options, an e-commerce checkout system, and Visa debit cards to customers.

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The acquisition of Coinbase Cloud (formerly known as Bison Trails) marked another vital step in Coinbase’s transition into a “mature financial system,” he added.

“Crypto is not just buying and selling tokens, it’s building this whole financial system on top of blockchain. We think we can play a big part in leading our customers to the utility phase of crypto from this first phase, which is more investment or speculation driven…our goal is to be the primary financial account of the crypto economy for our customers,” Chatterjee concluded.

Surojit Chatterjee
Surojit Chatterjee, Source: Business Insider

Currently, Coinbase Cloud supports funds, decentralized applications, crypto custodians, and holders. Some of its prominent clients include New York-based fintech capital Current, venture firm Andreessen Horowitz (a16z), and Turner Sports.

Coinbase’s Success in 2021

Arguably the most significant achievement for Coinbase this year was the public listing on Nasdaq in the middle of April. By doing so, it became the first major exchange with a presence on the global marketplace.

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Upon listing, a single COIN share peaked at nearly $400, while at the moment of writing these lines, it is hovering around $270.

Without any doubt, the development caused massive excitement in the cryptocurrency space as it might have been one of the reasons for bitcoin’s all-time high price (until then) of nearly $65,000 registered a few days later.

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Crypto Giant Coinbase Launching Full Retail Support for Small-Cap Altcoin Built on Ethereum

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Top US crypto exchange Coinbase is expanding support for a little-known Ethereum-based altcoin across its full retail platform.

The Biconomy (BICO) token is now available on Coinbase.com and the exchange’s mobile apps. Coinbase Pro listed the crypto asset earlier this week, triggering a massive rally.

BICO is an Ethereum-based governance token for the Biconomy Network, a multichain platform that aims to connect its users’ wallets with decentralized applications.

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Node operators can use the crypto asset to pay transaction fees, and BICO holders can vote on decisions affecting Biconomy’s protocol and network.

The token also went live on Huobi, Bybit, OKex, SushiSwap, BitMart, MEXC Global and Crypto.com’s mobile app this week, according to the project’s Twitter account.

Additionally, Biconomy rolled out a rewards and airdrop program on Wednesday.

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After skyrocketing 200% on Wednesday, BICO is trading at $9.32 at time of writing and has retraced 37% in the past 24 hours.

Coinbase added support for BICO amid a flurry of new altcoin listings over the past several months. The exchange’s chief executive, Brian Armstrong, noted in July that they plan to list as many altcoins as possible.

“Reminder about how Coinbase lists assets: our goal is to list every asset where it is legal to do so.”

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Coinbase will establish presence in Israel through purchase of Unbound Security

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Cryptocurrency exchange Coinbase will acquire cryptographic security company Unbound Security in a move that will also have the U.S. company launch a research facility in Israel.

In a Tuesday blog post, Coinbase said it would be purchasing Unbound to gain access to its cryptographic security experts as well as establish a presence in Israel. The exchange cited Unbound’s work in multi-party computation to provide users with the “virtually impenetrable nature of cold, offline storage, with the frictionless convenience of hot, online wallets.”

“We’ve long recognized Israel as a hot bed of strong technology and cryptography talent, and are excited to continue to grow our team with some of the best and brightest minds in these fields,” said Coinbase. “The Unbound Security team will form the nucleus of this new research facility, which we plan to grow over time.”

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The Unbound acquisition is the latest of many for the major crypto exchange following its public listing on Nasdaq in April, giving the firm a roughly $100 billion valuation. Last week, the team at crypto wallet provider BRD announced it would be joining Coinbase in an effort to “help accelerate Web 3.0 adoption” as well as provide “deep expertise in self-custody.”

Coinbase did not immediately disclose the terms of the Unbound acquisition. The exchange has already purchased firms including Agara, an artificial intelligence-enabled support platform with operations in India, data aggregator Zabo, and data analytics platform Skew, with each agreement likely in the millions if not more.

As cryptocurrency prices continue to be volatile, Coinbase announced in August that it had stockpiled a war chest worth roughly $4 billion in cash to prepare for a potentially harsh crypto winter, spurred by decreased crypto retail trading volumes and higher operating costs from regulatory hurdles. The company reported revenue of $1.2 billion in the third quarter of 2021, with profits totaling $406 million.

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