Coinbase: The Comedy of Errors in Crypto Security! 😂💸

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Ah, dear reader, gather ’round as we delve into the curious case of ZachXBT, a crypto investigator of no small repute, who has taken it upon himself to cast a most scathing light upon the illustrious Coinbase! This exchange, which fancies itself a bastion of security, has been accused of locking out its users with the frequency of a peasant’s door slamming shut on an unwelcome visitor. And what’s this? An undisclosed breach, like a thief in the night, has allegedly led to the pilfering of funds! Oh, the audacity!

In a recent tweet, our intrepid sleuth, ZachXBT, lamented his own misfortunes, having been locked out of his account not once, but twice in a mere month! And without so much as a whisper of explanation from the grand Coinbase! It seems transparency is as elusive as a well-dressed ghost at a ball. He further bemoaned the company’s failure to disclose a breach that left many a user clutching their pearls in despair, as their hard-earned coins vanished into the ether.

Now, let us not forget that Coinbase dangles the carrot of competitive annual percentage returns on stablecoins before our eyes, yet ZachXBT, with a heavy heart, declared he could not in good conscience recommend this platform to his fellow crypto enthusiasts. A noble sentiment, indeed!

The Farce of Data Breaches and Account Lockouts

As the clouds of concern gather over Coinbase’s handling of user security, one cannot help but chuckle at the irony. This platform, which parades itself as a secure and regulated gateway to the crypto realm, has stumbled into a series of misadventures that would make even the most seasoned jester blush.

Since its grand entrance into the public market in 2021, Coinbase has sought to be the shining beacon for both the greenhorns and the seasoned investors alike. Yet, the tales spun by ZachXBT paint a rather different tableau, one that is less a grand ball and more a chaotic tavern brawl.

But lo! This is not the first time our hero has taken up arms against Coinbase. Previously, he unleashed a torrent of criticism upon the exchange’s leadership for their lackadaisical approach to reporting theft addresses and their snail-like response to user support. His investigations revealed a staggering $65 million pilfered through scams, all while Coinbase twiddled its thumbs!

Scammers, those crafty rogues, masqueraded as Coinbase support, luring unsuspecting users into transferring their precious funds to dubious addresses. ZachXBT, with a keen eye, pointed fingers at Indian groups and lowly cybercriminals, all while shaking his head at Coinbase’s woeful response.

The Chronicles of Coinbase Controversies

And so, this latest outburst from ZachXBT merely adds another chapter to the ongoing saga of Coinbase’s security woes. In 2021, users found themselves locked out of their accounts for what felt like an eternity, particularly during those tumultuous market swings. Many a user, like a ship lost at sea, struggled to find timely support, resulting in financial shipwrecks.

Last October, the platform faced accusations of account restrictions, as users reported security threats with attackers impersonating Coinbase support. A researcher, who went by the whimsical name of ‘pcaversaccio,’ took to the digital stage to criticize Coinbase’s stance on VPNs, which the platform defended with the fervor of a knight protecting his castle.

In a moment of clarity, Scott Shapiro, the Senior Director of Product Management, attempted to shed light on the matter, explaining that while VPNs alone do not raise alarms, when combined with suspicious activities—like unfamiliar logins—they may indeed trigger security checks. A fine line to tread, indeed!

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2025-04-08 00:56