Stop pretending technical and human vulnerabilities are separate things

Quick Summary:

According to the investigators, Coinbase failed to address known security vulnerabilities in their API keys and verification systems that make these human-targeted attacks successful. ZachXBT directly criticized the exchange for having “useless customer support agents” and failing to properly report theft addresses to blockchain monitoring tools, making stolen funds harder to track.

With over 600 million crypto users worldwide, conservative estimates put individual losses from social engineering at $6 billion–$15 billion in 2024. Barrier to adoptionSecurity concerns are now recognized as the main barrier to adoption by 37% of crypto users worldwide.

The crypto industry loves to blame ordinary users: “Don’t store keys online,” “Check addresses before sending,” “Never open suspicious files.”Nobody is safeEven industry leaders themselves fall victim to the same basic attacks.

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Article Details

Author / Journalist: Cointelegraph by Andrey Sergeenkov

Category: Crypto

Markets: United StatesNorth KoreaMali

Topics: Crypto Users Industry Billion Ordinary Financial Lost Million Security System Systems

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-03-31 @ 09:00:00 (1 days ago)

News Timezone: GMT -5:00

News Source URL: cointelegraph.com

Language: English

Article Length: 1073 words

Reading Time: 6 minutes read

Sentences: 62 lines

Sentence Length: 18 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Coin Telegraph

News ID: 27466648

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About Coin Telegraph

Main Topics: Crypto

Official Website: cointelegraph.com

Update Frequency: 55 posts per day

Year Established: 2013

Headquarters: United States

News Last Updated: 7 hours ago

Coverage Areas: United States

Ownership: Independent Company

Publication Timezone: GMT -5:00

Content Availability: Worldwide

News Language: English

RSS Feed: Available (XML)

API Access: Available (JSON, REST)

Website Security: Secure (HTTPS)

Publisher ID: #11

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