Jared Ferguson of Staten Island, New York, claims he received a text from his mobile carrier in May describing a SIM card change request that he hadn’t made. When he restored service to his iPhone the next day with a new card, Ferguson said he learned that almost his entire life savings was gone from his Coinbase account.
Ferguson argues that under state and federal laws, Coinbase, the largest US cryptocurrency exchange, bears responsibility for unauthorized withdrawals. But the company has refused to reimburse him, saying in an email that security of passwords and two-factor authentication codes are his responsibility, according to the lawsuit. Two-factor authentication offers extra security by sending a code, usually to a user’s phone or email.
Source: Crypto’s Coinbase Tells User Missing $96,000 After Breach Is His Problem – Bloomberg
