Tag: Coinbase

Coinbase Reveals Password Glitch Affecting 3,500 Customers

Crypto Bit News Staff

Crypto exchange Coinbase disclosed a potential vulnerability Friday, announcing that a tiny fraction of its customers’ passwords were stored in plain text on an internal server log. However, the information was not improperly accessed by outside parties, the exchange said. In a post-mortem shared with CoinDesk, Coinbase outlined “a password storage issue,” impacting less than 3,500 customers (out of more than 30 million worldwide) that briefly resulted in personal information, including the passwords, being stored in clear text on internal logging systems. “Under a very specific and rare error condition,…

Blockchain Firm Findora Hires Former Coinbase CTO as Strategic Advisor

Crypto Bit News Staff

Finance infrastructure-focused blockchain project Findora has appointed the former chief technology officer of major American cryptocurrency exchange Coinbase as a strategic advisor. As fintech media outlet Fintech Finance reported on Aug. 14, Balaji Srinivasan joined Findora after serving as a general partner at venture capital firm Andreessen Horowitz, and co-founder and CEO of blockchain-powered paid messaging service Earn.com.  Apart from Srinivasan, Findora has also hired Dan Boneh, head of Stanford University’s Cryptography Group, to the same position. Commenting on the appointment, Findora CEO Charles Lu reportedly said: “We are excited…

Coinbase Defends Against BCH Lawsuit From Users, Case Ongoing

Crypto Bit News Staff

Cryptocurrency exchange Coinbase, launched in 2012, is considered to be one of the largest exchanges operating in the United States — and the most trusted. However, an alleged wrongdoing back in December 2017, caused a long court procedure, the outcome of which is still vague and uncertain.  It’s all fun and games until a hard fork On March 1, 2018, an Arizona citizen and trader named Jeffrey Berk filed a lawsuit in the Northern District Court of California on behalf of exchange users who found themselves in a similar situation,…

Barclays May Be Ending Work With Coinbase, Transactions in GBP to Slow

Crypto Bit News Staff

British banking giant Barclays has reportedly cut ties with United States crypto exchange Coinbase. As Coindesk reported on August 13, unnamed industry sources have said that Barclays will no longer be banking for Coinbase, severing a relationship that began when Coinbase opened a Barclays account in March 2018. The news is expected to hit the crypto community hard, as, in addition to linking a major crypto exchange with a heavy hitter among the traditional banking establishment, the break may end Coindesk users’ access to the United Kingdom’s Faster Payments Scheme…

Coinbase Backs $4.3 Million Raise for New Crypto Derivatives Exchange

Crypto Bit News Staff

A new cryptocurrency derivatives exchange that hasn’t yet launched has already won backing from major investors including Coinbase. Called Blade, the exchange platform is planning to go live in a few weeks with a focus on perpetual swaps, TechCrunch reported Monday. The firm was founded by Jeff Byun and Henry Lee, who had previously launched a delivery startup that crypto-friendly payments firm Square acquired in part in 2017. The two have now brought some of the same investors in to back their new Blade venture. Aside from Coinbase, investors in the $4.3…

Crypto Derivatives Exchange Blade Raises $4.3M From Coinbase and Others

Crypto Bit News Staff

A soon-to-launch cryptocurrency derivatives exchange has raised $4.3 million from major investors such as the cryptocurrency platform Coinbase and the investment firm SV Angel. The exchange Blade is scheduled to launch in three weeks’ time. Blade’s funding and plans come by way of a Tech Crunch report on Aug. 12. The report notes that in particular, Blade is aiming to provide trading for cryptocurrency-based perpetual swap contracts with three new improvements. First, the perpetuals contracts will be drawn up using standard, simple contracts. Second, the perpetuals will use Tether’s stablecoin…

US Unveils FedNow, Bitcoin Cash Vs. Coinbase

Crypto Bit News Staff

In the latest episode of “Coffee and Crypto,” Cointelegraph’s head of editorial Olivia Capozzalo and head of news Molly Jane Zuckerman have discussed the biggest headlines in the crypto world — armed with steaming cappuccinos. The cappucci-news In the video, Capozzalo and Zuckerman have a packed agenda. First, they make sense of the news that the United States Federal Reserve has started developing a 24/7 system for real-time payments — sparking endless questions and comparisons to Bitcoin (BTC) and Ripple’s XRP. Zuckerman says: “I hear the words ‘real-time payment and…

Zcash ‘Brexits’ as Coinbase Delists Privacy-Focused Altcoin in the UK

Crypto Bit News Staff

United Kingdom-based customers of Coinbase are reportedly being informed that the exchange will be dropping support for the privacy-focussed Zcash as of Aug. 26, 2019. The same does not appear to apply to United States or European Union customers, however, prompting speculation on the reasoning behind the move. Convert, send, or be liquidated The communication being sent to customers gives a number of options on how to proceed. Option one, any Zcash held on Coinbase can be converted into any other cryptocurrency on the exchange. Option two, simply send the…

Coinbase UK Dropping Support for Cryptocurrency Zcash

Crypto Bit News Staff

The U.K. arm of Coinbase appears to be dropping support for the privacy-focused cryptocurrency zcash. According to customers, Coinbase UK is sending letters out warning people that they will need to convert their zcash (ZEC) holding, or remove them to an external wallet, by Aug. 26. @zcash @ElectricCoinCo @coinbase what’s going on with Zcash in the UK? pic.twitter.com/6GWS9CuIoH — Alex (@deskofwilkes) August 8, 2019 The cryptocurrency exchange gave no specific reason for the removal of the cryptocurrency, but said all remaining ZEC balances on Aug. 26 will be automatically converted to…

Coinbase Says It Prevented a Crafty Phishing Attack to Exfiltrate Keys

Crypto Bit News Staff

The security team at cryptocurrency exchange Coinbase has revealed how it countered a sophisticated phishing attack aiming to exfiltrate private keys and passwords.  In a blog post published on Aug. 8, the exchange outlined its discovery and reporting of the incident, which involved the exploitation of two 0-day vulnerabilities on Mozilla’s web browser Firefox. A “highly-targeted and thought-out” attack The first steps of the phishing scam, Coinbase reveals, date back to late May of this year, when over a dozen exchange employees received an email from an innocuous-seeming University of…