Coinbase admits storing 3.500 traders passwords in plain text

posted 12 months ago
An error on Coinbase sign-up page saved customers’ information on Coinbase’s internal web server logs – in plain text, thereby putting the traders passwords at risk. A password like “123456” was appearing like “123456” to Coinbase staff. It would have been better to hash the passwords into non-readable text.

The bug, Coinbase admitted, affected 3,420 customers in total. Coinbase, a US-regulated entity, triggered a password reset for affected customers. It asserted that a password alone could not have a potential hacker steal their bitcoins, explaining that they protect each account with mandatory email and 2FA authentications, and that no funds are missing, and no damage has been reported.
Tags: bitcoin, news