Correct. But that’s not the default on coinbase and a bunch of other sites, hence most people don’t use it. Some sites don’t even offer any other option. Banks and other sites have known SMA isn’t safe for at least 5 years, and they continue to push it like SMA can never be hacked.
The funny thing is you’re actually safer with a secure hard-to-guess unique password than you are with SMA-based 2FA, at least if it comes bundled with SMA-based password reset, which it usually does. But of course everyone hears 2FA and thinks they’re more secure, when actually they’re opening up a huge security hole.
Yeah coinbase should force app-based 2FA like my work does. But that might hurt the bottom line.
With a bank at least you usually get your money back if your bank account is hacked and drained directly (not through a site like coinbase), as long as they believe you. With coinbase it’s gone gone.
Even after you’ve already linked your bank account and made transactions in the past? Because that’s exactly what my buddy said happened. Also maybe you can’t withdraw, but can you transfer it to another crypto wallet?
AFAIK There’s no way to turn bank $ into crypto not controlled by coinbase without waiting. It’s possible that things were different several years ago.
Most people who are “hacked” do something stupid like fall for a phishing scam and then come back later with an elaborate story to allow them to explain what happened without sounding like a total moron.
I know this guy really well, and he posted a very detailed story on Facebook basically as he found out what happened. Someone walked into a T-mobile store and swapped his SIM. It’s extremely common.
I’m not saying sim swaps aren’t a thing. I’m saying it’s unlikely his bank account got drained through coinbase and a sim swap because as WAR says it isn’t possible.
I sent him a DM on Facebook. I’ll let you know what he replies.
Again, NBZ’s dealer is saying the same thing happened to him. Any my friend said in the course of working through this he met a ton of other people who had the same thing happen (might help that he lives in FL).
Why would hackers go through all the trouble of SIM swaps if they didn’t work? Or are you claiming they only usually work when combined with some embarrassing Nigerian prince scam that the mark doesn’t want to admit to?
Can confirm what others are saying above. Any money you deposit into Coinbase can be used to buy crypto immediately, but that amount is locked up from being transferred anywhere for 1 week from date of deposit. In the scenario Suzzer describes, they definitely could have transferred out any funds already on Coinbase though.
You can immediately drain all the funds already in the Coinbase account so that is often still worth it. To get the money from the bank account, you need the mark to not notice for a while (at least under the current rules).
No (at least definitely no till the past week when Coinbase just launched it’s NFT platform, not sure what the rules are now for buying an NFT with new funds).
I’m pretty sure my Coinbase buy last year was eligible for immediate transfer. Some info on it here. I’m not sure what criteria they use for it.
We are excited to announce the ability for customers to instantly purchase digital currency using a US bank account. Previously, customers who purchased using a bank account had to wait several days before receiving their digital currency. Customers can now buy up to $25,000* and receive access to their digital currency immediately.
Edit: n/m, this says immediate purchase but doesn’t mention immediate transfer. I’m pretty sure I bought and transferred immediately, but it’s possible I did it with my debit card instead of linked ACH account.
I’m assuming there must be video of the person doing the crimes if they physically walked into a store (lol) to negotiate the transfer? Like, imagine if instead of ripping off your friend, this person walked into a T-Mobile store to initiate some hack that robbed T-Mobile. We’d have a mugshot by 5 PM the following day.
Everytime I log into Coinbase, it alerts me that they need to “confirm my info,” but this seems to be optional, because if I don’t confirm, I’ll be limited to withdrawals only. And I’m thinking hmm that sounds great actually.
Yea , you can buy or trade instantly, but can’t move funds off coinbase for 7 days, even back to original bank.
If you have crypto on coinbase, they have the private keys. The longstanding recommendation is to move crypto to a hardware wallet where you have control of the private keys, fro longterm hodl.