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Crypto exchange Coinbase accidentally sends 2FA reset notices creating panic among users

The faux pas caused panic among thousands of the crypto platform's users who received the notices.

Image by: Marco Verch / Flickr

Tue, 31 Aug 2021, 15:57 pm UTC

Users of the crypto exchange Coinbase accidentally sent emails to the platform’s users notifying them that their two-factor authentication (2FA) has been reset. The faux pas caused panic among thousands of users who received the notices.

The crypto exchange accidentally sent the notices on Friday, August 27, between 1:45 pm to 3:07 PST. Coinbase erroneously sent emails to 125,000 users of the platform.

Coinbase assured customers that the issue has already been fixed. “Our teams immediately recognized the problem and worked as quickly as possible to ensure these erroneous notifications were stopped and the underlying issue fixed,” the company said.

On Sunday, the company apologized to affected users for the blunder. “We’re laser-focused on building trust and security into the crypto community so that the open financial system we all want is a reality,” Coinbase posted on Twitter. “We recognize that issues like this can hurt that trust. We will continue to work to gain back the trust of every one of our customers who was impacted by those notifications.”

The erroneously sent email caused panic among users of the crypto platform. Many were unsure if their accounts were drained by hackers, according to CNBC.

One customer even sold all his crypto holdings on Friday after receiving Coinbase’s notice. The reason given for the liquidation is to keep the funds secure in case a hacker was behind the emails.

Coinbase explained that there is no hacker behind the notices and that it was were an error. “We believe that the only way to build trust with our customers is to be transparent when we mess up,” a company spokesperson said.

The company immediately sent another email explaining to customers that the previous email was an error and that no security settings were changed.

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