Coinbase (COIN) may have suffered from Credit Card hack

During the month of October 2023, Coinbase which claims to be a secured cryptocurrency exchange disclosed that nearly 6,000 of it’s customers has had their cryptocurrency stolen by hackers by exploiting their two factor authentication system, as reported by Reuters.

Hackers charging Coinbase Credit cards

During this month it became apparent that hackers are charging Coinbase credit cards the minute you request for a credit card from Coinbase.

A user on Reddit claims they’ve been approved for a Coinbase credit card 3-4 days ago and have not yet received or activated the credit card but some how got a fraudulent charge of $50.21 to an unknown company called “OASIS PTY LTD.”

“This is a known issue of unauthorized transactions as of the moment, our team is currently reviewing it and this is under investigation already. In the meantime, for the security of your Coinbase card account, you may report your card lost/stolen on the app/website and our team will then deactivate your card and issue you a new card with different card details at no cost, which should arrive in 12-15 days (Due to COVID).”

Coinbase – Automated Response

Another user within the same reddit discussion also claimed that they received pending transactions to “INNOVE ONLINE E-COMMER, GLOBE BILLSPAY, GOSSELIN PHOTO WEB and Camex (russian shipping company).” Other companies may pop up.

Coinbase works with a Fraudulent Bank

Upon doing more research about Coinbase Credit Cards I found that Metabank issues Coinbase’s credit cards through Marqeta.

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Unfortunately, Metabank has a plethora of 1-star negative reviews having to do with fraudulent transactions:

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