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Online Data
AI-Blockchain Coinbase Crypto Cyber Security Online Data

Coinbase Sees Transformative Future of AI-Blockchain

 

Coinbase, a prominent cryptocurrency exchange, acknowledges the profound potential of artificial intelligence (AI) in the realm of digital currencies. Being at the forefront of the industry, Coinbase recognizes the considerable influence AI can wield in transforming the utilization, comprehension, and regulation of cryptocurrencies. 

In a recent research conducted by Coinbase, David Duong, the head of research at Coinbase, emphasizes the increasing possibilities for collaboration and exploration of novel applications in the realms of AI and blockchain technology. 

Further, he highlights the expanding potential for these two fields to intersect and create innovative solutions. The advancement of AI and blockchain applications is poised to reshape numerous industries and offer remedies for the particular societal dilemmas raised by AI. 

Within this context, a compelling scenario emerges, involving the convergence of generative AI and decentralized data marketplaces. According to Duong's proposal, these marketplaces can effectively tackle the need for authenticated and diverse datasets, which is essential for training generative AI models. 

By leveraging decentralized data marketplaces, the demand for reliable datasets can be met, facilitating significant progress in the realm of AI. Through the utilization of blockchain technology, these marketplaces can establish a platform that ensures data exchange is both secure and transparent. 

What is Blockchain Technology? 

Blockchain is like a secure and unchangeable record book that helps keep track of transactions and things of value in a business network. It can monitor physical assets like houses, cars, or money, as well as non-physical assets like patents, copyrights, or brand names. Basically, anything valuable can be monitored and exchanged on a blockchain network, making things safer and cheaper for everyone involved. 

Token-Based Incentives 

The report suggests that in decentralized data marketplaces, a system using tokens as rewards or incentives could be introduced to improve the quality of data obtained. According to Duong, this system would motivate data providers to offer trustworthy and top-notch data, which would ultimately be beneficial for generative AI models. 

By using tokens as rewards or incentives, the data exchanged on these platforms can be made more reliable and precise. This ensures that everyone involved is encouraged to contribute high-quality data, making the whole process better for everyone. 

Collaboration of AI-Blockchain 

As blockchain and AI progress, their combined potential becomes even more exciting. By merging blockchain with AI systems, we can overcome issues surrounding data privacy, security, and trust. This collaboration opens doors to creative solutions for different societal problems, taking advantage of the strengths of AI and blockchain technologies. 

Further, he said that this convergence can lead to the development of innovative applications that tackle specific societal challenges posed by AI. In simpler terms, AI and blockchain coming together can create new ways to address the problems caused by AI.
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PrivacyAffairs
Coinbase cryptocurrency Cyber Crime Dark Web Hacking Identity Theft PrivacyAffairs

Hackers Sell Coinbase Accounts for as low as $610 on Dark Web


The emerging popularity of cryptocurrency and the convenience of online banking has resulted in an upsurge in cybercrime activities and identity fraud.

A recent research by PrivacyAffairs.com notes that hackers target social media logins, credit card numbers, and online banking logins to steal personal information worth $1,010 on the dark web.

According to an official press release released on May 1, 2023, the sale of hacked crypto accounts which is currently booming, has raised some serious concerns.

Coinbase, a cryptocurrency exchange has become a frequent target for threat actors, with stolen verified accounts worth $610 on the dark web. Users' accounts on Kraken, another well-known exchange, have also been compromised and sold online for as low as $810.

For hackers, selling compromised cryptocurrency accounts has been a profitable business, and since more people have started investing in digital assets recently, demand for these accounts has only increased. Cryptocurrencies are considered as an appealing target by hackers wanting to make a quick buck since they are mainly unregulated and decentralized.

As the value of cryptocurrencies continues to rise, it drives the hackers into stealing them. The anonymous attribute of cryptocurrencies make it challenging to locate and recover assets that have been stolen, leaving victims with limited resources.

How to Protect Oneself From Identity Theft and Hacking? 

PrivacyAffairs.com highlights the significance of raising public awareness as well as encouraging caution in order to reduce the possibility of identity theft and hacking. Online privacy should be carefully guarded by users, who should also use strong, unique passwords for each account. In addition to this, two-factor authentication is a vital tool for protecting online account.

Moreover, cryptocurrency users are advised to take extra precautions. Using cold wallets to store their virtual assets offline and avoiding sharing of their private keys or seed phrases with anyone are some of the ways that can protect you from falling prey to cybercrime activities.

The threat of cybercrime and identity fraud will only increase as the usage of digital assets and online banking grows more widespread. It is crucial that users take the required security measures to guard against hackers and other nefarious actors lurking on the dark web..

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User Credentials
Coinbase Cyber Crime One Time Password Phishing Campaign User Credentials

Phishers Steal One-Time Passwords from Coinbase Users

 

Crooks are growing smarter about phishing one-time passwords (OTPs) needed to complete the login process, as seen by a recent phishing campaign targeting Coinbase customers. It also reveals that phishers are attempting to create millions of new Coinbase accounts in order to find email addresses that are already associated with current accounts. 

With over 68 million users from over 100 countries, Coinbase is the world's second-largest cryptocurrency exchange. Coinbase.com.password-reset[.]com was the now-defunct phishing domain, and it was aimed towards Italian Coinbase users (the site's default language was Italian). According to Alex Holden, founder of Milwaukee-based cybersecurity firm Hold Security, it was a success. Holden's team was able to go inside some of the phishing site's poorly concealed file directories, including the administrator page. Before the site was taken down, the phishing attacks collected at least 870 sets of credentials, according to that panel. 

According to Holden, the phishing gang appears to have identified Italian Coinbase customers by attempting to create new accounts using more than 2.5 million Italian email addresses. His team was also able to recover the username and password information that victims had supplied to the site, as well as nearly all of the email addresses that had been submitted ending in ".it." 

According to Holden's research, this phishing group attempted hundreds of thousands of half-hearted account signups per day. On Oct. 10, for example, the scammers ran over 216,000 email addresses through Coinbase's servers. They attempted to register 174,000 new Coinbase accounts the next day.

Coinbase revealed last month that malicious hackers stole cryptocurrency from 6,000 clients after exploiting a flaw in the company's SMS multi-factor authentication security tool. This phishing attempt is another example of how criminals are devising ever-more clever ways to get around popular multi-factor authentication alternatives like one-time passwords. 

In an emailed statement, Coinbase said, “Like all major online platforms, Coinbase sees attempted automated attacks performed on a regular basis. Coinbase is able to automatically neutralize the overwhelming majority of these attacks, using a mixture of in-house machine learning models and partnerships with industry-leading bot detection and abuse prevention vendors. We continuously tune these models to block new techniques as we discover them." 

Researchers say the simplest way to avoid phishing scams is to avoid clicking on links that appear unexpectedly in emails, text messages, or other forms of media. They also advised that you should never give out personal information in response to an unsolicited phone call.
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Sussex
£15 000 Coinbase Cyber Fraud Scammers Sussex

Sussex-Based Couple Loses £15,000 to Scammers

 

Loreta and Mindaugas from Horsham, Sussex, were lured in a fake bonus offer from a fraudster who seemed to be working for Coinbase Platform - shortly before the site was listed as a public company.

Mindaugas, an executive at a UK-based company, received an email on March 24, 2021, that purportedly came from Coinbase, claiming that he was eligible for a bonus on Coinbase. The victim tried to claim a £60 bonus supposedly offered by Coinbase and in just nine minutes, £ 15,000 were deducted from the couple’s crypto savings. 

“At first, we thought it might be some kind of mistake or a glitch. But since their knowledge base had no option that covered any bugs or glitches, we decided to inform Coinbase that my husband’s account has been compromised. But all we got back was a password reset request,” Loreta said. 

Coinbase is a popular stock trading website used for buying and selling Cryptocurrency with over 56 million users and worth $ 99.6 billion. 

Double Fraud

Shortly after changing his account password, Mindaugas received a second call from the supposed Coinbase support agent. The scammer told him that Coinbase was answering to the open support ticket concerning his compromised account and promptly began to question Mindaugas about the cyber fraud. 

After finishing the interrogation, the scammer offered Mindaugas two options.“Either we call the police, in which case there is no guarantee that we’ll ever get our money back, or they give us a refund without getting involved with the authorities. My husband was still in shock and rather disoriented, so at that moment, he agreed to proceed with the second option,” Loreta told CyberNews. 

“He said 'we see that you have an account at Binance and since Coinbase and Binance are sister companies' - and that’s when I saw he was trying to dupe us. Next thing I hear; he’s telling us to prove our identity either by transferring £5,000 from our Binance account to Coinbase or by giving them our Binance authentication code so that they can transfer the missing £15,000 to my husband’s Binance account" Loreta explained.

After spotting suspicious activity, Mindaugas and Loreta declined to trade and reported the fraud to the police. However, his case was promptly closed due to a ‘lack of evidence’. They also contacted Coinbase for help but they've had no response. 

"We’re still waiting for an answer. And since 'only' £15,000 was stolen, we’re not very hopeful that the police will do anything about it," Loreta said. 

The Cyber News investigation team began investigating the fraud after the couple contacted them for help. Researchers have identified that cryptocurrencies have been cleaned in an elaborate way Wallet network. This effectively makes stolen funds “untraceable” and helps scammers to prevent them from being caught. 

“Due to the anonymity of the crypto market, scams targeting the general public tend to be barely visible. In fact, phishing attacks are becoming more sophisticated, making it increasingly difficult to identify fake messages that appear to come from trusted people or brands. Companies like Coinbase need to be responsible for keeping their customers as safe as possible,” Edvardas Mikalauskas, Senior Researcher at Cyber News, stated. 

“They need to implement strict controls in detecting and blocking malicious or anomalous activity before criminals have the opportunity to steal cryptocurrencies. CyberNews always previews URLs before clicking links or buttons, pays attention to messages sent to your inbox, and tells consumers to use unique passwords and multi-factor authentication for their online accounts, and warned that the embedded link is a “serious danger signal,” Edvardas added.
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