Compromised crypto account cost the Katy-man around $17K

Katy, Texas (United States): A man named Ali Raza has reported to lose $17000 worth of cryptocurrency after his crypto account was hacked or compromised. In mid-January this year, he checked his account and was stranded by the balance it displayed.

Compromised crypto account

In his statements, he stated that even after having such a reputation for its safety features, Coinbase (the exchange he saved his most of the finances in) failed to stop a user account from getting robbed and that is just unacceptable.

How did the hackers get a hold of the crypto account money?

On checking closely, it was noticed that the account had gone through a password change along with more than 300 transactions directed towards emptying the crypto account. There was utter disappointment in Raza’s voice when he said that there have been no resolutions so far.

He confessed that Coinbase, instead of looking into the matter, said- “That case is closed, you are responsible for it”. He also added that he was saving the money for his kids who are about to start college in a few years, and now, all of it is gone.

According to him, he has still not been able to believe that an exchange that has a wonderful global reputation doesn’t want to help or contribute to the matter in any way. And what is even more unbelievable, is that Coinbase did not get suspicious even when all the 330-something transactions were done in around 15 minutes.

Therefore, the major concern in the entire situation is that Raza has no idea of whether he’ll be able to regain his money or not. Adding to his bafflement, he said that Coinbase refused to put any other security parameters in place for the user account’s safety.

Raza went to the FBI- “I don’t know what else we can do”

When the crypto platform did not do anything to help, he finally, went on to upload the information of the case on FBI’s website. Along with that, he explained that the cybercrooks somehow got access to his mobile phone which led to the failure of the two-factor authentication security protocol.

Somehow the hackers found a way to change the account password, makeover 330 transactions, and leave without a single trace. The account that had more than $17000 was left with only $26. To which Coinbase said that they are not at fault for what happened to Raza.

Hope and determination continues to lead Ali Raza’s way

He lost all his investments but is still hoping to hear back from FBI and Coinbase with some effective resolution from. The financial crimes division of the Harris County Sheriff’s Office is looking into the matter and on being asked by ABC13, Coinbase said they are and would be looking into it.

It was difficult to get out words in this situation but Raza is not giving up and wishes this never happens to any of the other crypto fanatics. To wit, he added- “We should do something about these exchanges that don’t really care. I mean they make a lot of money off of us”.

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