Bitcoin: $64m in cryptocurrency stolen in 'sophisticated' hack, exchange says

a reply to: neo96
damn i got 15 years ago and left them sitting in a wallet. that like 240 grand christmas might be good this year.

The problem with this topic is the same as with most others: people speaking with authority, yet complete ignorance. That goes for both cryptocurrencies and things like dollars and euros.

First, as most anyone will tell you, dont store your cryptocurrencies in exchanges! Use either a software wallet or a hardware wallet (like a Ledger Nano S or similar).

Its tough to say exactly where this is all going. There are a lot of aspects to this subject beyond "bitcoin," or even just simple currency or stock market-like investments.

Bitcoins, or similar, aren't just dug out infinitely either. Saying something like "they'll just pull out more from the deep net" shows a high level of unfamiliarity with the subject.

I think one of the major issues, just like every currency that has ever existed, is security. The problem is that security with cryptocurrencies is a good amount different from what people are used to dealing with, and that creates opportunities for theft and other detrimental activity.

Anyone who is actually interested in the subject, even if there are no plans to buy anything, would do well to learn from the extensive resources available out there. I don't feel its all as intuitive as it could be, but the info is there. Everything from currency to blockchains to decentralization is linked, and any one of those facets could make some pretty massive waves.

originally posted by: lostgirl
a reply to: seentoomuch

So glad you found that phone number - and very kind of you to post it here!!

Please let us know what they say when you talk to them, as I really can't imagine what sort of 'defense' might be presented...

You're right, Coinbase is supposed to be "the best" (most trust worthy), but now your experience has me wondering -

- I mean, what if they are doing that sort of thing on purpose, thinking that people won't notice, and pocketing all that extra money?

I would bet there are a lot of people out there who are so hyped up with the current Bitcoin numbers - thinking they're going to be millionaires or something and not really paying attention to details like extra bank transfers here and there..

I wish I had never signed on with Coinbase! You are so right, they're not straight up and so many people have had similar things happen to their funds and conveniently they blame it on their software but then consider it under review forever!

I called the number to speak with them and a recording said that due to the high number of calls they could not take any calls and to call back later.

I then received 3 emails (one for each transaction) saying that due to the bank reversing the charges they canceled the transactions. On their site I now see the full amount I allowed to go through showing in my USD wallet which was to fund the transactions but I am not allowed to touch it and it is under review. And according to the net that will be a long time.

Their site says that this is automated and for security, which I understand but they should have retained the transactions until they spoke with me, or communicated with me in some way. I mean, they're the ones that tried to steal from me. I sent them a detailed email before this latest fiasco and have not received anything back from them.

If I don't receive a response tomorrow I'm going to call all the major media, all the govt. entities that involve cyber-theft, CME futures, FBI etc, etc, etc. And I have the time and knowledge to do it. My sister was a major press secretary in govt. and I used to work with her, I learned a lot and I'll use it.

My theory is it's not their software malfunctioning they're like a Ponzi scheme, stealing from Peter to pay Paul. I think they're out of Bitcoins and are skimming and stealing for the funds to buy from other exchanges.

COINBASE is BOGUS!

STM

a reply to: seentoomuch

Literally just used them. No problems at all.

a reply to: seentoomuch

I started with Coin base since they were one of the first that converted money to coins through my bank.

However... I am noticing a trend. It's the big seemingly secure places like coinbase, mt gox, cyptsy and others that lure you in legit in the beginning and at some point when they have mad amounts of money in their hold that "a hacker steals the bulk of their bitcoins". In some cases like Cryptsy, the owner jumps a plane and heads to china.

I get the feeling that they're hacking their own systems and walking away with tons of the money and even splurging to where they have nothing left so they cant give their customers their funds so they hack themselves to make off easy.

Sadly.. There are NO laws governing crypto so how can you police it? Basically, if you're messing with it, you're on your own.

a reply to: JinMI


Did you fund the USD wallet on Coinbase today? And then did you make the purchases using the USD wallet? If so, you have the word "Pending" next to each transaction. The problem is when they reach into your bank account to put funds into the USD wallet. Good luck with that. Keep a very close eye on your bank account.

STM

a reply to: seentoomuch

Several days ago I signed up with Coinbase and deposited, let's say $3,000.00 in my USD wallet there. I purchased a few lite coins, ether and the rest in Bitcoin. On my account page on Coinbase it showed that the purchases were pending. Each type of currency in their own wallet showing the amount charged for each, let's say 1,000.00 each. It's been showing that for a few days now and they were to be delivered on 12/12/17.

That doesn't sound right.

Any deposit once cleared after their 'set' time used to purchase coin from the USD wallet is instant.

Well suppose to be.

I've never had any probs.

a reply to: seentoomuch

I don't have my bank account attached to Coinbase.

Good luck with that.....

a reply to: JinMI

I actually had to call my bank and tell them to approve the transactions.

I asked them what the 411 was with coinbase. If they reputable.

They've been fine so far.

Putting money in and getting it back out.

No problems.

a reply to: JinMI

Yeah, that's right, you're the blogger who promotes using them, right? And yet you don't utilize their site with cash. So who are you to say they're reputable? Oh, btw, here's the email I just received from them that doesn't address the problem at all! More automated garbage!

"Hey there,

Regarding the issue in question, when transactions take place, fees are associated with the transactions.
The fees differ on the payment method type as well as a variety of factors that can even include high volume traffic.

For a comprehensive look at the fees that customers can expect to incur with cryptocurrency transactions, please visit the link below

support.coinbase.com...
If you have any further questions or concerns, please contact us for further assistance.

Thank you for contacting Coinbase Support!"

a reply to: seentoomuch

They are an exchange. I do put cash through them as I noted above, and yes, I've yet to have a problem.

Now, leaving all the snark behind, are you having problems putting money in or out?

a reply to: neo96

They have my money and there is no way to communicate with them at all. Is that reputable?

STM

a reply to: neo96

I use prepay for most all online transactions. Just a little buffer. I've yet to have any issues regarding Coinbase. However, that doesn't seem to be the case with everyone apparently.

originally posted by: seentoomuch
a reply to: neo96

They have my money and there is no way to communicate with them at all. Is that reputable?

STM

What's the time frame been ?

A deposit made from bank to their USD wallet usually takes a week to clear.

Read their confirmation email it confirms deposits, and when it's available.

They also confirm buys and sells.

Yeah I know it seems backasswards considering everywhere else.

originally posted by: JinMI
a reply to: seentoomuch

They are an exchange. I do put cash through them as I noted above, and yes, I've yet to have a problem.

Now, leaving all the snark behind, are you having problems putting money in or out?

They reached into my bank account with 3 extra ACH charges which doubled the thousands I had agreed to send them for my purchases. Doubled. Thousands of dollars. I put a stop on half of the charges and allowed the original amount to go through to my USD wallet. Now they've frozen the USD wallet with thousands in it and it is under review which according to the other people who can't get their money out means forever. And now I find there is no way to communicate with them, it's all automated.

And calling them out on double dipping from my bank account is not being snarky as you put it, it's calling a thief a thief.

a reply to: seentoomuch

They reached into my bank account with 3 extra ACH charges which doubled the thousands I had agreed to send them for my purchases. Doubled. Thousands of dollars. Now they've frozen the USD wallet with thousands in it and it is under review which according to the other people who can't get their money out means forever. And now I find there is no way to communicate with them, it's all automated.

Did you exceed your buy limit?

STM, I do know they have a "feature" which enables the site to automatically make purchases on a timed basis. I'm not sure that's what's happening with you, but could be something to check.

Doesn't seem like support is helping too much, which is a shame and sadly becoming the norm.. everywhere.

Support seems to have devolved into:

1) Blame the user/customer
2) See number 1

The steps are actually accurate just enough of the time that the approach seems to have spread like wildfire over the years.

No one I know has run into issues with coinbase, but they all use it solely as an exchange (no long term storage) and I don't think any have linked their bank account. None have had to deal with support either.

a reply to: seentoomuch

So you acknowledged one tx and it made two more? Were they identical? Each tx needs to be individually approved, there are multiple screens for each.

Be snarky with them all you wish, I would be mad as well. What I meant is it directed at me. I didn't steal your money!

I do hope it gets resolved soon.

a reply to: Serdgiam

I have it linked to my bank account.

Higher buy limit.

originally posted by: neo96

What's the time frame been ?

A deposit made from bank to their USD wallet usually takes a week to clear.

Read their confirmation email it confirms deposits, and when it's available.

They also confirm buys and sells.

Yeah I know it seems backasswards considering everywhere else.

Their site verified my bank account with a couple of dollar charges, once verified I entered the amount to be moved to the USD wallet and the amount showed up immediately in the wallet for use. As I ordered the bitcoin, ethereum and litecoin the balance in the USD wallet went down accordingly. I zeroed it out basically.

The transactions for the bitcoin, etc then showed up in my history as pending as did the USD from my bank transaction. Several days later I get a text from my bank and I called them. I was surprised to hear about the pending charges.

There was the original USD amount to fund the wallet along with a separate ACH charge for the bitcoin, another ACH charge for ethereum and then another ACH charge for lite coin. And yet when I purchased them I saw the amount go down in my USD wallet with each transaction until it was zero.

I put a stop on the individual charges (all different amounts) and allowed the full amount I agreed upon to go through to the USD wallet thinking their computer had made a mistake and the transactions would go through as agreed.

Now they've canceled the transactions and frozen my USD wallet which has the original USD amount again I agreed on to use for the transactions.

They attempted to steal from me and didn't like that I wouldn't let them, I guess.

STM