1/2/2023 0 Comments Coinbase appHis cautionary tale is one of dozens from Coinbase customers around the world who say that their accounts were plundered by attackers or that they were locked out of their life savings without warning or reason - and that the company failed to detect the issues and did little to help. So in January, he sued Coinbase, accusing the company of negligent security measures and failing to protect his money. Pierre, 47, a lawyer and onetime Coinbase employee, began urging his former colleagues to investigate the episode and to compensate him for the missing cryptocurrencies, which would be worth more than $400,000 today. “And within a couple of minutes, it was all taken away from me.” “I was thinking about retirement, family, having money for those rainy days,” he said. Pierre said he was shocked because he had expected Coinbase’s security to detect suspicious activity and stop the theft. The company later told him that an “attacker” had reset his password and drained his account. Worried his phone was being hacked, he quickly checked his most valued app: Coinbase, a cryptocurrency company where he had stored digital coins worth $100,000. Michael Pierre was sitting in his Brooklyn apartment last summer when he received a text on his iPhone from an unknown number, then immediately lost service.
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