Crypto King COINBASE Gets Pickpocketed About $400 Million!

-


Move over, free‐for‐all altcoin hacks—this week’s headline belongs to Coinbase, the most influential U.S. cryptocurrency platform, now nursing a potential $400 million wound. 

Sure, lesser exchanges have bled billions in losses, but when the industry’s poster child admits its security was only as solid as its sketchy background checks, the fallout is seismic.

“We’re Big, We’re Important—And We Hired the Wrong People”

On May 11, Coinbase received a digital love letter from an “unknown threat actor,” brandishing stolen names, addresses, and emails. 

No passwords were leaked—just enough personal data to coax customers into wiring funds straight into scammer wallets. 

It’s like handing your social and financial lifelines to someone you barely vetted… oh wait, they did!

Hackers Didn’t Break In—They Bought In

Rather than a Hollywood-style cyber break-in, the attackers paid off employees and contractors in overseas “support roles.” Clearly, Coinbase’s vetting process asked:

  • ✔️ Do they know what Bitcoin is?

  • ✔️ Can they answer a support ticket?

  • ❌ Background check? Nah, let’s live dangerously.

The Industry Titan Trips Over Its Own Feet

Crypto exchanges have been breached before—Mt. Gox’s multi-billion collapse, Polygon’s stolen millions, you name it. 

But this time the victim is Coinbase Global Inc., the Silicon Valley darling whose IPO symbolized crypto’s arrival in the mainstream. 

If even they can’t secure user data, what hope does the rest of the sector have?!

Everyone’s Fired… Except the Hackers

In true “Oops, my bad” fashion, Coinbase axed all involved staff and contractors. 

Meanwhile, the hackers stroll off with up to $400 million in projected costs—plus bragging rights for embarrassing the industry’s crown jewel.

Customers Get a Mulligan

At least Coinbase will refund anyone tricked by phishing schemes. 

So if you sent ETH to a faceless scammer, your balance will be restored—but your trust in the platform? That’s another story...

A Cautionary Crypto Tale

  • Lesson 1: If your security motto is “everyone’s a suspect,” don’t employ “anyone available.”

  • Lesson 2: Vetting overseas contractors by email alone? That’s a recipe for disaster.

  • Lesson 3: When the industry’s flagship ship springs leaks, expect a tidal wave of stakeholder panic.

As Coinbase scrambles to plug its vetting black hole, the rest of the crypto world watches nervously—because if the biggest fish can’t guard the pond, the entire ecosystem could evaporate faster than you can say “private key.”

 

Please support my writing by donating $1 at https://buymeacoffee.com/doublejeopardynews

 

  1. #CryptoCrownJewel

  2. #VetOrBeHacked

  3. #CoinbaseCarnage

  4. #400MFiasco

  5. #IndustryTitanTumbled

  6. #SupportRoleScam

  7. #BackgroundCheckFail

  8. #BoughtInHack

  9. #RefundOrRansom

  10. #DigitalPickpocketing

  11. #TrustInCrypto?

  12. #SiliconValleyOops

  13. #ScamAndSwitch

  14. #MainstreamMeltdown

  15. #FlagshipFail

Comments

Post a Comment

Popular posts from this blog

Please Help Find These Forgotten Girls Held at Male Juvenile Prison for Over a Year!

-
Image
  MY MOST IMPORTANT STORY  Dozens of Forgotten Little Girls Held at Male Juvenile Prison for Over a Year! Welcome to the Sunshine State, where the palm trees sway, the alligators lurk, and the legislative process makes Kafka look like a life coach!  Florida House Bill HB21. Not just a compensation bill but possibly a 20 million dollar "Stay out of Jail Free" card for some folks. This is a bill that does some good—but also trips over its own shoelaces, falls down a staircase, and lands on a historical oversight so big, it might as well have its own zip code! An oversight that overlooks what I consider to be its most vulnerable victims! The Setup: Justice with a Catch HB21 was enacted on July 1, 2024 to compensate victims of abuse from two male juvenile detention facilities located in Florida, Dozier and Okeechobee.  It says, “Hey, survivors of abuse between 1940 and 1975, here’s some compensation for the horrific things you endured!” Sounds good, right? Like a le...
Read more

Here's A New HOA Rule Dictating What You Can Do Inside Your Home

-
Image
HOA Overreach: When Your Own Home Isn’t Really Your Own The joys of homeownership—the American dream!  That magical place where you can paint the walls any color you like, blast your music (within reason), and enjoy the simple pleasure of—wait, never mind..... Turns out, your HOA might have something to say about what you do inside your own four walls. Case in point: A longtime homeowner, who has peacefully lived in his residence for 25 years, was blindsided when his HOA suddenly banned smoking inside individual homes.  That’s right—after a quarter-century of no issues, he was informed that lighting up indoors was no longer an option.  The new rule, passed at the HOA’s annual meeting by a majority vote, now restricts smoking to a designated outdoor area. Now, while some might see this as a health-conscious decision, the homeowner—whose wife is a smoker—sees it as an unfair overreach.  In a letter to a local publication, he expressed frustration, writing, “I’ve live...
Read more

Postal Police Stuck Behind ‘Keep Out’ Signs While Mailmen Face Muggers: You Can’t Make This Stuff Up!!

-
Image
As crime against letter carriers surges, one would think that America’s armed, uniformed Postal Police might be hitting the streets to protect our mail.  Instead, they’re still glued to their post office entrances like sentries guarding Fort Frownmore.  Why?  Because since 2020, the Postmaster General decreed they must “protect postal property” only—meaning, they currently serve as glorified lobby bouncers rather than actual roaming guardians of the mailstream. “ They’re robbing letter carriers, they’re sticking a gun in a letter carrier’s face and they’re demanding arrow keys, ” laments Frank Albergo , president of the National Postal Police Union and a Postal Police Officer himself.  An "arrow key" in the context of the Post Office is a specialized, universal key that postal workers use to access various locked mail receptacles, including collection boxes, apartment mailboxes, and cluster boxes. Albergo isn’t exaggerating—research shows over 100 physical assaul...
Read more