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Coinbase accused of neglecting security, costing users up to $300M annually

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Crypto exchange Coinbase is facing allegations of neglecting security vulnerabilities and failing to protect users from scams, according to recent claims from affected customers and industry experts. Critics argue that the platform has been slow to respond to fraudulent activities, phishing schemes, and account breaches, leaving users exposed to financial losses.

Several users have reported unauthorized transactions and compromised accounts, claiming that Coinbase’s customer support and security measures were inadequate in addressing their concerns. Some victims alleged that hackers drained their funds despite enabling two-factor authentication (2FA), raising questions about the platform’s internal security protocols. Analysts warn that if such issues persist, they could damage Coinbase’s reputation and erode user trust in the exchange.

While Coinbase maintains that it prioritizes security, some industry observers argue that rising scam reports indicate a need for stronger fraud prevention mechanisms. The exchange has previously implemented measures such as enhanced authentication tools and scam awareness campaigns, but critics claim that more proactive steps—like real-time fraud detection and improved customer support—are needed to prevent losses.

As regulatory scrutiny of crypto security intensifies, Coinbase could face legal and reputational challenges if it fails to address ongoing security concerns. With the crypto industry facing increasing threats from hackers and phishing schemes, exchanges like Coinbase are under pressure to enhance safeguards and rebuild user confidence in their platforms.

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Bitcoin price risks drop to $71K as Trump tariffs hurt US business outlook

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Bitcoin is setting its sights on the $71,000 mark as market conditions shift in response to geopolitical and economic developments, including a new tariff agreement and weakening U.S. business sentiment.

Recent market activity suggests that Bitcoin is benefiting from concerns over traditional economic indicators, with investors turning to digital assets as a hedge against economic uncertainty. A rare slump in U.S. business outlook has fueled speculation that risk assets, including Bitcoin, could see increased inflows.

Additionally, ongoing global trade negotiations and tariff adjustments have contributed to market volatility, prompting investors to seek alternative stores of value. Analysts suggest that if macroeconomic pressures persist, Bitcoin could continue its upward trajectory, potentially testing the $71,000 resistance level.

Despite short-term fluctuations, Bitcoin remains a focal point for investors navigating inflation concerns, regulatory shifts, and global economic trends. The coming weeks will be critical in determining whether Bitcoin can sustain its momentum and break through key price barriers.

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Crypto donations top $1B in 2024, gain traction after Myanmar, Thailand quake

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Changpeng “CZ” Zhao, the former CEO of Binance, has donated 1,000 BNB to aid relief efforts following a powerful earthquake that struck the Thailand-Myanmar border region. The donation, valued at approximately $600,000, aims to support those affected by the disaster and assist in recovery operations.

The earthquake caused significant damage in several areas, displacing residents and impacting local infrastructure. CZ’s contribution highlights the growing role of cryptocurrency in humanitarian aid, providing fast and transparent relief funding.

The donation will be distributed to organizations working on the ground to deliver emergency assistance, including shelter, food, and medical supplies. Crypto-based aid is increasingly being utilized in disaster response efforts due to its efficiency in reaching affected communities without the delays of traditional banking systems.

As the affected regions begin the recovery process, the crypto community continues to demonstrate how blockchain technology can play a meaningful role in global humanitarian initiatives.

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Hackers are selling counterfeit phones with crypto-stealing malware

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Security researchers have uncovered a wave of counterfeit Android devices preloaded with malware designed to steal cryptocurrency, posing a significant threat to users worldwide. The infected devices, which mimic popular smartphone brands, contain malicious software capable of hijacking digital wallets and siphoning funds.

The malware, embedded at the firmware level, allows attackers to gain remote access, intercept sensitive data, and execute unauthorized transactions. Because the malicious code is deeply integrated into the device’s operating system, it is difficult to detect and remove, making it a persistent threat.

Cybersecurity experts warn that unsuspecting buyers may unknowingly expose their crypto holdings to risk by purchasing these compromised devices from unverified sellers. Users are urged to exercise caution by only purchasing smartphones from trusted retailers and manufacturers.

The discovery highlights the growing sophistication of cybercriminals targeting the cryptocurrency sector. As mobile-based crypto transactions become more common, security measures such as hardware wallet usage and multi-factor authentication are increasingly essential to safeguard digital assets from emerging threats.

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