{"id":27109,"date":"2025-05-16T09:46:46","date_gmt":"2025-05-16T09:46:46","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=27109"},"modified":"2025-05-16T09:46:46","modified_gmt":"2025-05-16T09:46:46","slug":"coinbase-hack-shocks-the-crypto-world-choose-non-custodial-wallets-like-best-wallet-instead","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=27109","title":{"rendered":"Coinbase Hack Shocks the Crypto World: Choose Non-Custodial Wallets like Best Wallet Instead"},"content":{"rendered":"
\n

So, the Coinbase hack. What happened?\u00a0And why does the company expect a $400M loss?<\/p>\n

Not three days after Coinbase became the first crypto company to enter the S&P 500<\/a>, it got hacked<\/a>. Big time.<\/p>\n

The hackers bribed non-US (mainly India) Coinbase employees to hand over sensitive customer data (including names, dates of birth, and some banking information). They then asked the company for a $20M ransom to delete everything.<\/p>\n

What did Coinbase do? Well, what does the most influential US crypto company that safeguards most of the $122B Bitcoin ETF reserves do?<\/p>\n

It issued a $20M bounty for any information that leads to catching the cybercriminals, and promises to reimburse 100% of user losses, which are estimated to be in the range of $400 million.<\/p>\n

\"Sigma<\/p>\n

Still, the damage was done, and major cryptos fell like dominoes after the news hit the headlines. Ripple dropped by 6%<\/a>, and Bitcoin is now $104K<\/a>, down from $105K.<\/p>\n

This begs the question: is there a better way to safeguard your crypto? Yes, there is: non-custodial crypto wallets<\/a> like Best Wallet<\/a>.<\/p>\n

Read on to find out all the details of the Coinbase hack.<\/p>\n

Coinbase Hack: The What, How, Where, and Why<\/h2>\n

The cybercrooks had what they thought to be an infallible, four-step process:<\/p>\n

    \n
  1. Find employees and contractors based in India who had access to Coinbase\u2019s outsourcing and support operations<\/li>\n
  2. Bribe them to hand over customer data, expanding the database significantly over several months.<\/li>\n
  3. Demand a ransom from Coinbase to delete the data or make it public if they don\u2019t comply.<\/li>\n
  4. Profit.<\/li>\n<\/ol>\n

    Unfortunately for the hackers, less than 1% of Coinbase\u2019s users were impacted. And the leaked information didn\u2019t contain account passwords or, worse, seed phrases for the crypto holdings.<\/p>\n

    So, in effect, the criminals\u2019 leverage was paper-thin.<\/p>\n

    \ufeff<\/p>\n

    Naturally, Coinbase did what Coinbase does \u2013 offer a guarantee to reimburse 100% of user losses and turn the $20M ransom against the hackers in the form of a bounty to catch them.<\/p>\n

    Major cryptos (including some of the best altcoins<\/a>) lost some of their headwind the next day, on May 12.<\/p>\n

    Bitcoin lost 3.96% (going from a daily high of $105,493 to $101,311) and Ethereum dumped by 3.9%<\/a> (from $2,559 to $2,459).<\/p>\n

    Overall, the total crypto market cap lost $100M<\/a> following the Coinbase hack announcement.<\/p>\n

    \"Crypto<\/p>\n

    Although significant damage was done, things could have been a lot worse. Users could have had their seed phrases leaked, which would have put their assets at risk.<\/p>\n

    And, depending on the potential extent of the losses (the company estimates current losses at $400M<\/a>), Coinbase might not have been able to reimburse everything.<\/p>\n

    The realization, I\u2019m sure, leaves plenty to be desired from Coinbase clients and crypto exchange users.<\/p>\n

    Which brings us to non-custodial crypto wallets, which are generally safer than custodial ones with exchanges, since you\u2019re the one holding the keys. Best Wallet is one of the up-and-coming, which is currently undergoing a presale for the Best Wallet Token, its ecosystem token.<\/p>\n

    Let\u2019s see what that\u2019s about.<\/p>\n

    Own Your Crypto and Invest in Upcoming Presales with Best Wallet<\/h2>\n

    Best Wallet<\/a> is an anonymous, non-custodial, and multi-chain crypto wallet that\u2019s currently expanding its Web3 ecosystem. The best part about non-custodial wallets is that exchanges getting hacked, like it happened now with Coinbase or with Bybit and FTX in the past, will have zero impact on you.<\/p>\n

    \"BestThe wallet currently supports five blockchains: Ethereum, Binance Smart Chain, Polygon, Bitcoin, and Base. Support for over 60 chains is next on the roadmap, alongside advanced anti-fraud protection and the Best Card.<\/p>\n

    Aside from that, you can buy, sell, swap, and stake crypto just like you would with other wallets like Metamask, Trustwallet, and Exodus. You also get cross-chain swaps and enhanced security from Fireblocks MPC<\/a> (cloud backups).<\/p>\n

    Best Wallet has been audited by Coinsult<\/a>, and it has amassed over 63K followers on X<\/a>. So, transparency, security, and community backing are all accounted for.<\/p>\n

    You can gain further benefits, like reduced transaction fees and higher staking rewards, and chime in on development decisions by getting into the $BEST<\/a> presale, which raised over $12M to date. The token is currently priced at $0.025035.<\/p>\n

    So, $300 would get you 11,983 $BEST tokens, which you can stake for a 199% annual APY (35,829 or $896 in one year).<\/p>\n

    And consider that our $BEST price prediction<\/a> sees $BEST increasing by 187% by the end of 2025 (from $0.025035 to $0.072). That could make your initial $300 worth $2,579 in less than seven months if you stake at the current APY.<\/p>\n

    To buy Best Wallet Token<\/a>, head to the presale site, connect your wallet (or use Best Wallet), and click \u2018Buy.\u2019 Simple, easy, and affordable.<\/p>\n

    Are Non-Custodial Wallets the Future?<\/h2>\n

    The Coinbase hack isn\u2019t the first or last crypto hack we\u2019ll see.<\/p>\n

    But it did happen to the most influential US crypto company, and the first crypto exchange to be listed on the S&P 500. So, while it does mean funds are still at risk if kept on exchanges, we don\u2019t have to live with that.<\/p>\n

    Best Wallet<\/a> and Best Wallet Token<\/a> are changing the narrative with self-custody and putting you in charge of your assets\u2019 security.<\/p>\n

    Non-custodial wallets could become the norm in a not-so-distant future if exchanges don\u2019t shift their approach to security.<\/p>\n

    Remember that investing in crypto presales is risky. The market is very volatile, and dumps can happen at a moment\u2019s notice (like the Coinbase hack aftermath). Never invest more than you can afford, and always do your own research.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

    So, the Coinbase hack. What happened?\u00a0And why does the company expect a $400M loss? Not three days after Coinbase became the first crypto company to enter the S&P 500, it got hacked. Big time. The hackers bribed non-US (mainly India) Coinbase employees to hand over sensitive customer data (including names, dates of birth, and some […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-27109","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/27109","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=27109"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/27109\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=27109"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=27109"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=27109"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}