Coinbase Gives $100 In Bitcoin To Customers After Security-Alert Mishap

Coinbase recently was the center of a mistake that saw its customer base panicking. On August 27th, approximately 125,000 customers received an email that said that their 2FA (two-factor authentication) had been changed. This led customers to believe that they had been the victim of a hack and their information had been compromised. Coinbase later came out to say that these emails had been sent in error as customers’ data were safe but were investing the reason for the emails.

Coinbase assured the community that the problem had been recognized and resolved as quickly as possible to stop these false notifications. “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,” the crypto exchange said. “We recognize that issues like this can hurt that trust.”

Following this, Coinbase revealed that they were hard at work to regain the trust of the customers who had been affected by the notifications. So far, it doesn’t look like there was any breach of Coinbase’s systems and the emails were just a mistake. The crypto exchange is now taking steps to ensure that this never happens again. And has been compensating customers who were adversely affected by these emails.

Coinbase Giving Customers \$100 In Bitcoin

Coinbase is now issuing compensation to users affected by these emails in bitcoin credit. Customers who were eligible for the compensations received emails from the crypto exchange alerting them to this compensation. The company took to Reddit to confirm that this was indeed from them and not from malicious parties.

The company also clarified that not everyone who had received the emails in the security-alert mishap was being given the bitcoins. “We are crediting a small number of users who were adversely affected by this incident with $100USD worth of BTC.” The exact number of the affected 125,000 users being rewarded with the $100 BTC were, however, not disclosed by the exchange.

Although Coinbase explained that the problem had arisen due to a problem with its notification system, some members of the community do not seem to buy this. There have been speculations that the exchange has been the victim of a hack and this was a move by the cryptocurrency exchange to cover up the attack. Others have advised to just move funds out of the exchange to be on the safe side.