Photo Credit To Hodler XL Via Flickr

The UK arm of the major crypto exchange Coinbase settles $1.14 million Bitcoin theft case caused via an email phishing attack. The case was roughly raging for about two months, which was however out of the public eyes but the latest report unveiled that the victim had lost his 100 Bitcoins (BTC) wherein, hacker sent 80 bitcoins to his Coinbase wallet.

Although Bitcoin’s value seems en-routing the lower graph in recent times, it has not lowered the number of bitcoin hacks and attacks. Despite bitcoin has failed to live up to expectations of experts and analysts over recent years, few still believe, it is becoming the store of value. In fact, Twitter CEO recently admired Bitcoin and said it has the possibility of becoming the native currency of the Internet. 

Well, how far and how well Bitcoin flourish in near future is still a matter of time but the hackers are not letting any stone un-turned to leverage the benefit from bitcoin & other cryptocurrencies. 

As for Coinbase UK, the exchange has recently closed this bitcoin theft case with the CEO of Alphabit Fund, Liam Robertson who lost 80 Bitcoins worth around $1.4 million. It remains unclear the amount paid by Coinbase UK to dismiss

the case but the victim caught with the dubious experience in early July.

Overview of the Scenario 

Per the reports, Robertson is the corporate trader in Europe, he does involve in the heavy transfer of crypto assets regularly. As such, in early July, he was reportedly discussing with an executive on a call wherein both also talked about bitcoin, wallet and the email addresses. As per their discussion, Roberston had agreed to send 100 Bitcoins in an algorithmic trading fund – with this information – scammers then employ simple email phishing attack. The attack resulted in Roberston to send Bitcoins to attacker’s wallet address than to executive’s wallet address he was talking to. 

It was later found that the attackers sent 80 Bitcoins to his Coinbase wallet, 15 to Local Bitcoin P2P exchange and another five to an offline wallet. Now as the transfer of 80 bitcoins was made to Coinbase wallet, Roberston sues Coinbase to disclose the identity of the hackers and send him his BTC back. 

During that time, Bitcoin was worth $11000 dollar which resulted in victim to lose over one million dollars in the alleged scam. 

The victim is now compensated for his loss from Coinbase UK but there’s still no further details from Coinbase on its action towards the wallet address held by the attacker. 

Notice: Information contained herein is not and should not be construed as an offer, solicitation, or recommendation to buy or sell securities. The information has been obtained from sources we believe to be reliable; however no guarantee is made or implied with respect to its accuracy, timeliness, or completeness. Authors may own the crypto currency they discuss. The information and content are subject to change without notice. Visionary Financial and its affiliates do not provide investment, tax, legal or accounting advice. This material has been prepared for informational purposes only and is the opinion of the author, and is not intended to provide, and should not be relied on for, investment, tax, legal, accounting advice. You should consult your own investment, tax, legal and accounting advisors before engaging in any transaction. All content published by Visionary Financial is not an endorsement whatsoever. Visionary Financial was not compensated to submit this article Please also visit our Privacy policy; disclaimer; and terms and conditions page for further information.

You May Also Like
1World Online

Blockchain Media Leader 1World Online Will Integrate With Algorand

1World Online announced on August 31, 2020, that it would build on…
NDAX

NDAX Crypto Exchange Hits Institutional Milestone Through OTC Trading

NDAX, a leading Canadian digital asset exchange, recently announced that their trading…
OMG Token

OMG Network Token Price Continues Surge

OMG Token has rallied +12% the last 24HR despite most cryptocurrencies seeing…

Bitcoin Energy: Scientists Propose a New Cryptocurrency Model that Uses Less

While the cryptocurrencies have grown a great deal nearly a decade since…

Private Messenger That Leverages Blockchain Technology With No Phone Number Required

The Loki Foundation recently released the whitepaper for the Session private messenger app.…
digital assets

Digital Assets That Are Oversold And Could See Price Rallies Soon

Digital assets have been quite bearish the last month, as Bitcoins price…

Circle Teams Up With BCB Group To Satisfy Growing Institutional Demand For USDC Payments, Clearance And Custody

BCB Group, a financial services group working with some of the world’s…
jeff gundlach has no interest in bitcoin

Billionaire Jeff Gundlach Has Stocks Crashing Soon, But Still No Interest In Bitcoin

Jeff Gundlach, the founder of DoubleLine Capital believes that the stock market…

Ethereum Transaction Counts Are Higher Than XRP For The 1st Time Since July 2019

Over the last week, Ethereum has been one of the best performers…

XRP, Cardano ( ADA ), And Stellar ( XLM ) Short Term Price Analysis

The last 30 days, less attention has been applied to altcoins due…