The Daily Hodl
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
The Daily Hodl
No Result
View All Result

Coinbase Reaches Massive Settlement With Regulator After Someone Pulls Off $150,000,000 Fraud Through Exchange

by Mehron Rokhy
January 4, 2023
in Regulators, Scams, Schemes and Hacks, Trading

Top US-based crypto exchange Coinbase has reached a settlement with regulators after bad actors stole $150 million using the platform.

According to a memo from New York’s Department of Financial Services, Coinbase must pay $50 million in fines to the regulator, plus invest an additional $50 million in bolstering its internal compliance programs over the next two years.

The memo says that Coinbase does the “bare minimum” to verify its customers and stifle illicit activities, which ultimately lead to a $150 million heist that occurred in mid-2021.

The regulator says that an individual was able to take advantage of Coinbase’s loose security.

“In the spring of 2021, an individual purporting to be an employee of a corporation (“Corporation A”) was able to open an account on behalf of Corporation A without authorization from that corporation, and without the appropriate personal identification documentation required by Coinbase policy.

As part of a sophisticated fraud, the individual was able to submit an online request form to raise the daily withdrawal limit by 50 times, which was granted despite a total lack of account activity and, therefore, no evidence that the existing thresholds were insufficient for the customer’s activity.

Then, on a single day, the employee transferred more than $150 million from Corporation A’s bank account (that the employee had also gained unauthorized access to) into Corporation A’s Coinbase account. The employee then immediately converted the fiat funds into virtual currency, then immediately moved the virtual currency to a wallet off the Coinbase platform.”

Last month, Coinbase CEO Brian Armstrong laid out what he called a “realistic blueprint” for how the crypto industry could evolve. Armstrong said crypto firms should undergo “rigorous” annual audits, establish controls and board governance, meet basic cybersecurity standards and possess blacklist capability for sanctions.

Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines


 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney

Submit a Press Release

Industry Announcements

  • Huobi Set To Launch Trading Service in Hong Kong
    May 26, 2023
  • Stably Launches #USD As the First BRC20 Stablecoin on the Bitcoin Network
    May 25, 2023
  • The Open Network (TON) Unveils DeFi and Data Analytics Hackathon in Collaboration With DWF Labs and Amazon Web Services
    May 25, 2023
  • Ankr Partners With Mirage To Revolutionize the Web 3.0 Gaming Landscape
    May 25, 2023
  • Tulipart.com Launches a Collection of Tulip NFTs Minted Daily Over Seven Years
    May 24, 2023
  • Binance Futures Grand Tournament Returns
    May 24, 2023
  • TRON Collaborates With Nansen To Deliver In-Depth Insights From Blockchain Activity
    May 23, 2023
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$27,821.45
$27,821.45
2.07%
Ethereum
$1,897.66
$1,897.66
2.91%
Cardano
$0.378205
$0.378205
0.51%
XRP
$0.481912
$0.481912
1.88%
Dogecoin
$0.073415
$0.073415
1.18%

Spotlight

  • Gaming Represents the ‘Largest Scale Opportunity’ for Crypto, Says Polygon (MATIC) Co-Founder
    May 26, 2023
  • Crypto Project Defies Bitcoin Slump, Surges 125% This Week Amid New App Launch
    May 26, 2023
  • Analyst Who Called 2022 Crypto Bottom Says Current Bitcoin Price Action Has Him Excited – Here’s Why
    May 26, 2023
  • Cardano Creator Charles Hoskinson Says CBDC Fears Are Justified, Warns They Could Be Seized by the Government
    May 26, 2023
Coinfest Asia Banner
DON'T MISS A BEAT
Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options
By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.
Featured Image: Shutterstock/Billion Photos

Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX •
Futuremash •
Industry Announcements

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT | ADVERTISE

JOIN US ON TELEGRAM

JOIN US ON TWITTER

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2023 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX

© 2023 The Daily Hodl