tl;dr
Crypto investigator ZachXBT has publicly criticized Coinbase for repeated account lockouts and an undisclosed data breach, alleging thefts as a result. He expressed dissatisfaction with Coinbase locking him out of his account twice in the past month without explanation and highlighted the company's ...
Crypto investigator ZachXBT has publicly criticized Coinbase for repeated account lockouts and an undisclosed data breach, alleging thefts as a result. He expressed dissatisfaction with Coinbase locking him out of his account twice in the past month without explanation and highlighted the company's failure to transparently disclose a recent breach that led to financial losses for some users. This criticism comes amid growing concerns about Coinbase's handling of user security and support, adding to a history of security-related controversies for the platform, including accusations of account restrictions and security threats.
ZachXBT's comments come amid growing concerns about Coinbase’s handling of user security and support. Despite marketing itself as a secure, transparent, and regulated platform, the exchange has faced a series of challenges. Coinbase, which went public in 2021, has long positioned itself as a gateway to the crypto world for both institutional investors and newcomers. However, incidents like the one ZachXBT described paint a different picture for more experienced users. This isn’t the first time ZachXBT slammed Coinbase. He had previously lashed out at the exchange’s leadership for failing to report theft addresses, provide responsive support, or react swiftly to threats.
This latest comment adds to a history of security-related concerns for the platform. In 2021, Coinbase users reported being locked out of their accounts for extended periods, often during times of high volatility in the market. Many of these users struggled to get timely support, leading to significant financial losses. Coinbase faced accusations of account restrictions last October as well. During the same period, several users of the platform also reported security threats, with attackers impersonating Coinbase support.