PANews reported on December 9 that according to The Block, last weekend, Coinbase users reported that their accounts were suddenly restricted by the platform. The official X account of Coinbase Support responded to users in a series of posts, asking them to "please be patient and don't believe everything on the X platform." In recent weeks, reports of attacks on Coinbase users have increased. According to a message posted on the X platform by @pcaversaccio, a pseudonymous security researcher and member of the SEAL 911 team, multiple accounts were attacked on Saturday night and funds from multiple accounts were stolen. The official account of Coinbase Support stated: "The increase in new users after the US election and the reactivation of accounts by old users have led to a 2-3 times surge in fraud attempts, but the anti-fraud system has successfully saved tens of millions of dollars in losses."
Researchers recently criticized Coinbase for its apparent stance on users using VPNs. Scott Shapiro, Coinbase's director of product, said in a Dec. 2 post that because VPNs are commonly used by attackers, they could be considered a risk signal even if used legitimately. In a follow-up post, Shapiro clarified that using a VPN alone would not trigger a flag, but could trigger a security review when combined with other factors, such as logging in from an unknown device and sending large amounts of cryptocurrency. @pcaversaccio wrote in response to Shapiro's original post: PN is a digital umbrella for users and helps protect privacy. Nick Percoco, chief security officer of rival Kraken, criticized Coinbase for making users choose between financial freedom and privacy protection.
In addition, others criticized Coinbase for its lack of timely support over the weekend. Coinbase Support said that an increase in fraud attempts has led to an increase in the number of restricted accounts and longer customer wait times, but promised that it is processing issues for restricted users as quickly as possible.
