Coinbase Account Hacked Live4toys

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Coinbase

Live4toys reports that their phone number was ported to another carrier after they posted it online. They reported $15-$16k worth of bitcoin was taken and that another purchase may have been made via their account for $99k worth of another coin. It is unclear if any reporting or recovery happened.

This exchange or platform is based in United States, or the incident targeted people primarily in United States.

About Coinbase

"As the title states. I got sim swapped and they accessed my email and Coinbase account and stole all my Bitcoin. (15-16k) I caught it fast too. But It was all gone with no time to react since they started by changing all my backups and locking me out of my own accounts using the secondary authentication attached to my phone number and email.

They also made a large purchase of another coin (99k) But I’m still unsure if they were able to transfer as I’m locked out of my account myself.

Still not sure how they made it through my carrier to port the number. Other than I know they called in. But I even got a notification and sent a cancel request. But they just put it through again and it went the second time.

So just a warning to others. Lock your phone number and SIM through your carriers. And use cold storage devices. I didn’t use cold storage because I was afraid I’d mess something up and send it somewhere wrong and lose it. But I guess I should have taken that chance. Definitely would have been safer.

Time to start over I guess."

"Ported my phone number and proceeded to access my accounts just as described above."

"I didn’t realize it before. But after seeing it happen. It’s actually very easy to do. So unfortunately the attacks will probably get more common if people don’t secure their stuff and make it hard to get anything."

"That’s what I did so far. But I read that Authenticator has security flaws. Not sure what that means exactly. So I figured cold storage next time around."

"Just happened to me a couple weeks ago. And I literally knew it was happening within a couple minutes. That’s all the time it took for them."

This exchange or platform is based in United States, or the incident targeted people primarily in United States.

The background of the exchange platform, service, or individuals involved, as it would have been seen or understood at the time of the events.

Include:

• Known history of when and how the service was started.
• What problems does the company or service claim to solve?
• What marketing materials were used by the firm or business?
• Audits performed, and excerpts that may have been included.
• Business registration documents shown (fake or legitimate).
• How were people recruited to participate?
• Public warnings and announcements prior to the event.

Don't Include:

• Any wording which directly states or implies that the business is/was illegitimate, or that a vulnerability existed.
• Anything that wasn't reasonably knowable at the time of the event.

There could be more than one section here. If the same platform is involved with multiple incidents, then it can be linked to a main article page.

The Reality

This sections is included if a case involved deception or information that was unknown at the time. Examples include:

• When the service was actually started (if different than the "official story").
• Who actually ran a service and their own personal history.
• How the service was structured behind the scenes. (For example, there was no "trading bot".)
• Details of what audits reported and how vulnerabilities were missed during auditing.

What Happened

The specific events of the loss and how it came about. What actually happened to cause the loss and some of the events leading up to it.

Key Event Timeline - Coinbase Account Hacked Live4toys

Date	Event	Description
October 11th, 2021 7:13:13 PM MDT	Reddit Thread	The incident details are shared on Reddit.
October 31st, 2021 10:05:41 PM MDT	Reddit Comment	Incident posted in a comment on Reddit.

Technical Details

This section includes specific detailed technical analysis of any security breaches which happened. What specific software vulnerabilities contributed to the problem and how were they exploited?

Total Amount Lost

The total amount at risk has been estimated at $115,000 USD. The total amount lost has been estimated at $16,000 USD.

How much was lost and how was it calculated? If there are conflicting reports, which are accurate and where does the discrepancy lie?

Immediate Reactions

How did the various parties involved (firm, platform, management, and/or affected individual(s)) deal with the events? Were services shut down? Were announcements made? Were groups formed?

Ultimate Outcome

What was the end result? Was any investigation done? Were any individuals prosecuted? Was there a lawsuit? Was any tracing done?

Total Amount Recovered

There do not appear to have been any funds recovered in this case.

What funds were recovered? What funds were reimbursed for those affected users?

Ongoing Developments

What parts of this case are still remaining to be concluded?

Individual Prevention Policies

No specific policies for individual prevention have yet been identified in this case.

For the full list of how to protect your funds as an individual, check our Prevention Policies for Individuals guide.

Platform Prevention Policies

Policies for platforms to take to prevent this situation have not yet been selected in this case.

For the full list of how to protect your funds as a financial service, check our Prevention Policies for Platforms guide.

Regulatory Prevention Policies

No specific regulatory policies have yet been identified in this case.

For the full list of regulatory policies that can prevent loss, check our Prevention Policies for Regulators guide.