Juhi Mirza is an archaeology major who is obsessive about blockchain/Crypto technology and deems it to be the foundational philosophy of the future. Her dogged ability to research and crystallise technical facts/multiple perspectives into rivetting stories makes her an accessible finance writer. She tends to her archaeological pursuits and loves unearthing the past over the weekends.
The US-based cryptocurrency exchange admitted that a recent bug encounter had made their internal system crash due to which false notifications were sent to their existing users.
The largest cryptocurrency exchange in the US Coinbase in an erroneous instance sent security setting notifications to its 125,000 userbases informing them that their security settings have now been automatically updated and changed. The representatives later disclosed the details conveying that the major cause of this error was largely due to a recent bug encounter.
The company disclosed on Monday that it was due to an internal error crash that made the system behave differently than usual. The automatic notification sent to various users turned out to be an error encountered due to a bug that had entered the Coinbase internal system. The exchange also confirmed that the bug was not malicious nor does it belong to any third party.
In an interview with CNBC, Andrew Schmitt of Coinbase has stated that they have been quite attentive towards the rising queries and concerns of their customers due to this accidental blunder and are committed to solving any such concerns as swiftly as they can. ” We believe the only way we can build trust with our customers is to be transparent when we mess up,” Schmitt told CNBC.
This particular incident has come in light of another story that was making rounds in the media stating that the exchange was unable to protect their users’ accounts. The accounts of various users were recently hacked and there were complaints by numerous users stating their inability to access those hacked accounts. Coinbase had then stated that they have been making changes in their customer service and were also scheduling a new voice support service for users who have been encountering account inaccessibility issues followed by a live chat feature to assist them further in their selected concerns.
The erroneous security notification was sent to many Coinbase users at night followed by a message stating their security 2 step verification settings have been changed. This had caused a major frenzy amongst many users who initially thought their account had been hacked.
The Coinbase personnel later tweeted that these notifications sent out were largely due to an internal error and do not pose any harm to the existing users.