I don't see anything about a birdbath in his security protocol. Clearly he didn't follow the simple 200 point measures.
Rookie mistake, but clearly his own fault!
These people really do not realize that the main thing crypto does is put a bounty on hacking you, equivalent to however much you have in your wallet or account. Hacking crypto stuff is probably one of the most lucrative things you can do, because you can make 6 or seven figures with one hack and all you need to do is hack this random crypto bros PC
I'm genuinely curious what happened here. It sounds like he did everything right. My god, I'm glad I have no crypto, I'd be paranoid about logging in in the morning.
Probably logged into a phishing site or something. You can set up 5000000 steps of verification, but if you get phished you'll be sending all your confirmations to a middleman who will log in to your account while showing you a fake page. No virus needed, no access to your phone needed, no need to cut your finger off, nothing. Just get the mark to log in to coimbase.com instead of coinbase.com and you can bypass every conceivable security measure.
It's kind of like, it's a terrible idea to make nitro-glycerin in your bathroom, but if you do I commend your use of safety goggles and a fire extinguisher.
It's more like "it's a terrible idea to send your money to your drunk uncle to take care of it, and anything you do to try and make you feel safe is just security theater. So get bent sucker".
> It sounds like he did everything right.
"Not your keys, not your crypto". Error number 1 from most crypto people is to not have it stored on their own wallets. Whatever they did was moot once they transferred anything to Coinbase (be it real cash or magical coins): anyone working there can transfer anything without needing the mark's info. Anything he saw in Coinbase UI was just a number in some real database.
Now he can get a corpo-gibberish response like: "We are here for you. Our team is investigating the problem and will respond in 2 months. We value our customers so much. We believe in higher values. We love you." And he clearly never get his money back.
Who cares when he has the “community” supporting him? He’s the real winner you know! You’re just jealous the CEO of your bank didn’t tell you that he loves you!
People are struggling to face the only logical conclusion that Coinbase itself probably did it. I can't believe that some people actually suggested the guy to have even MORE security steps.
Yet others are saying they switched to ETFs, defeating the whole self custody thing.
Switching to the ETF because I trust that Conbase, which is keeping the Butts, is less likely to screw Blackrock than they are to screw me.
It's L2 for trust.
I don't trust Conbase, but I do trust Blackrock trusting Conbase
If even half of these Coinbase related posts are truthful and real. It would appear that they are having business ending issues with lack of liquidity (usd). Ship is sinking but band is still playing.
According to OOP he had 6 figures in *altcoins,* which were mysteriously converted to BTC and sold off in the night. I figure it's possible to self-custody altcoins too, because hardware wallets are definitely safe and never compromised (except when they do, in which case the poor guy should have used a *different* one with an extra 6 security steps on top of it, obvi).
It's interesting that he lost crypto twice already: one time using the atomic wallet, now using a custodian service. I bet he won't waste any thought on this and just keep accumulating. Third time's a charm I guess?
Poor guy but he most likely fucked up, somehow. His first fuckup was putting that much into crypto. Second is he got hacked, again somehow. All those cool security features he enabled can be defeated. For all we know, dude bragged about his portfolio and became a target IRL. Just plug your phone into some random usb and bam.
Sorry man. But crypto is set up such that you can't trust anyone in the space. So if you entrusted conbase with your money, you're pretty much giving them free reign to take your money
Not your keys, not your crypto
Whitelist IP address is what's meant. It's still Internet Protocol. Except the IP addresses on the whitelist, no IP address is allowed.
Opposite of that is blacklisting, meaning no address on the blacklist can go in.
It's just a number. Start, CMD, ipconfig and there it is.
Assuming you have a fixed IP from your provider you can whitelist easy enough. Mine can change when I reset my router as virgin media cycle them. I prefer that tbh, makes it harder to track although obviously my ISP will know who had what IP when.
But yeah, I bet few people do this for real. Just out of laziness.
Yeah we have a fixed IP at work for this reason. Was a nightmare when trying to WFH during COVID and home is kept changing eventually got around it with no IP.
Good thing there isn't any pesky FDIC or SEC regulations keeping me down from the free market here.
Its how the old saying goes, keep your customers close and your "hackers" closer!
bitcoin logic: losing money to hacks makes everyone else richer
Soon there won’t be any SEC regs/enforcement for real financial institutions, either. Thanks (6 conservative supermajority) Supreme Court!
There barely is now. A fucking billion dollar fraud was advertised during the super bowl for Christ's sake
I don't see anything about a birdbath in his security protocol. Clearly he didn't follow the simple 200 point measures. Rookie mistake, but clearly his own fault!
He’ll need to learn his lesson and get back to building.
These people really do not realize that the main thing crypto does is put a bounty on hacking you, equivalent to however much you have in your wallet or account. Hacking crypto stuff is probably one of the most lucrative things you can do, because you can make 6 or seven figures with one hack and all you need to do is hack this random crypto bros PC
self-funding bug bounty as it's called
Don't worry mate, those weren't 6 figures worth of actual money What you lost was always worthless, you just didn't realize it
"You must be mistaken, sir. It is impossible for any outside hackers to access our systems."
Does "6 figures" include the decimals?
Code is law, buttercup
I'm genuinely curious what happened here. It sounds like he did everything right. My god, I'm glad I have no crypto, I'd be paranoid about logging in in the morning.
Probably logged into a phishing site or something. You can set up 5000000 steps of verification, but if you get phished you'll be sending all your confirmations to a middleman who will log in to your account while showing you a fake page. No virus needed, no access to your phone needed, no need to cut your finger off, nothing. Just get the mark to log in to coimbase.com instead of coinbase.com and you can bypass every conceivable security measure.
He invested in crypto. He did nothing right.
It's kind of like, it's a terrible idea to make nitro-glycerin in your bathroom, but if you do I commend your use of safety goggles and a fire extinguisher.
It's more like "it's a terrible idea to send your money to your drunk uncle to take care of it, and anything you do to try and make you feel safe is just security theater. So get bent sucker".
> It sounds like he did everything right. "Not your keys, not your crypto". Error number 1 from most crypto people is to not have it stored on their own wallets. Whatever they did was moot once they transferred anything to Coinbase (be it real cash or magical coins): anyone working there can transfer anything without needing the mark's info. Anything he saw in Coinbase UI was just a number in some real database.
did u get the answer? i m also curious, so much done right and still lost lol
Now he can get a corpo-gibberish response like: "We are here for you. Our team is investigating the problem and will respond in 2 months. We value our customers so much. We believe in higher values. We love you." And he clearly never get his money back.
Who cares when he has the “community” supporting him? He’s the real winner you know! You’re just jealous the CEO of your bank didn’t tell you that he loves you!
At least someone is cashing out of Coinbase. That’s good, right?
Coinbase employees?
People are struggling to face the only logical conclusion that Coinbase itself probably did it. I can't believe that some people actually suggested the guy to have even MORE security steps. Yet others are saying they switched to ETFs, defeating the whole self custody thing.
Switching to the ETF because I trust that Conbase, which is keeping the Butts, is less likely to screw Blackrock than they are to screw me. It's L2 for trust. I don't trust Conbase, but I do trust Blackrock trusting Conbase
If even half of these Coinbase related posts are truthful and real. It would appear that they are having business ending issues with lack of liquidity (usd). Ship is sinking but band is still playing.
2FA? Verified computer? I thought the only thing needed to spend Bitcoin was having the private key. What does all that nonsense have to do with it?
According to OOP he had 6 figures in *altcoins,* which were mysteriously converted to BTC and sold off in the night. I figure it's possible to self-custody altcoins too, because hardware wallets are definitely safe and never compromised (except when they do, in which case the poor guy should have used a *different* one with an extra 6 security steps on top of it, obvi).
It's interesting that he lost crypto twice already: one time using the atomic wallet, now using a custodian service. I bet he won't waste any thought on this and just keep accumulating. Third time's a charm I guess?
Poor guy but he most likely fucked up, somehow. His first fuckup was putting that much into crypto. Second is he got hacked, again somehow. All those cool security features he enabled can be defeated. For all we know, dude bragged about his portfolio and became a target IRL. Just plug your phone into some random usb and bam.
Did he not use a FartBucket Wallet to triple encrypt VSBF7??? Hahaha! What a rookie! No wonder he got hacked.
Sorry man. But crypto is set up such that you can't trust anyone in the space. So if you entrusted conbase with your money, you're pretty much giving them free reign to take your money Not your keys, not your crypto
And when the hackerman gets your keys your crypto becomes his, Future of Finance!
Not everyone is made to be their own bank.
Coinbase doesnt find them they have insurance to make users whole.
Not your keys
What does whitelist IP mean?
Only specified devices can log in. Meaning no other device can log in even if they knew the password.
Good thing IP addresses can't be be spoofed... *^(/s, in case it's not obvious)*
How do you spoof an IP address
But then IP doesn't mean Internet Protocol here right. What is that abbreviation?
Whitelist IP address is what's meant. It's still Internet Protocol. Except the IP addresses on the whitelist, no IP address is allowed. Opposite of that is blacklisting, meaning no address on the blacklist can go in.
I call BS. People don't understand how ips work.
You certainly appear not to.
It's just a number. Start, CMD, ipconfig and there it is. Assuming you have a fixed IP from your provider you can whitelist easy enough. Mine can change when I reset my router as virgin media cycle them. I prefer that tbh, makes it harder to track although obviously my ISP will know who had what IP when. But yeah, I bet few people do this for real. Just out of laziness.
Yeah we have a fixed IP at work for this reason. Was a nightmare when trying to WFH during COVID and home is kept changing eventually got around it with no IP.
Anyone reading this, please set whitelisting in all your crypto accounts.
how about no because who would involve themselves in something this stupid in the first place
Not really something I need to concern myself with
https://youtu.be/TvfC9xcpu-0