With so much money being invested into Bitcoin, millions of people are beginning to trust their purchases to digital wallet services whenever they make the leap to cryptocurrency. Unfortunately, even the most secure wallets services are not completely immune to devastating attacks from hackers.
Coinbase is well known as one of the most reliable online wallet services currently in operation, serving as a cornerstone for the burgeoning Bitcoin economy. With over $15 million worth of Bitcoin transactions handled by the service in a single month, Coinbase became a favorite for cryptocurrency beginners and experts alike.
However, despite Coinbase’s reputation for Bitcoin dependability and security, it has been reported that the service has recently experienced a number of thefts amounting to a total of around $40,000 in lost Bitcoins. It is thought by technology experts on The Verge that the thefts are not caused by a service-wide vulnerability, but may have been caused by compromised API keys, which would grant hackers complete access to individual accounts.