The Wolf Of All Streets Coinbase User Data Stolen! Customers To Be Reimbursed | Crypto Town Hall
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May 15, 2025 In this discussion, Dave Weisberger, a market structure expert in crypto and traditional finance, sheds light on Coinbase's recent user data breach, emphasizing the urgent need for enhanced security in the industry. He warns of vulnerabilities in centralized exchanges and advocates for better public education on digital safety. The conversation also touches on the rising concerns surrounding IRS communications for crypto users and the complexities of tax compliance in the crypto landscape, urging proactive tax management to avoid future pitfalls.
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Coinbase Data Breach Insight
- Coinbase data breach occurred due to rogue overseas support agents bribed to access personal data.
- No passwords or funds were exposed, but such breaches highlight inherent risks in centralized platforms.
SIM Swap Bribery Examples
- Scott Melker shared he was SIM swapped twice via social engineering at telecom providers.
- Low-paid employees are often bribed to release personal info, enabling breaches like Coinbase's.
Verify Before Sharing Data
- Always verify inbound communications by calling official numbers rather than trusting incoming requests.
- Avoid giving personal data over calls, texts, or emails to prevent phishing losses.