On Friday, an anonymous white-hat hacker named @Tree_of_Alpha managed to suspend trading on cryptocurrency exchange platform Coinbase Global Inc COIN by hacking its advanced trading platform.
The white-hat hacker tweeted that they found a “potentially market-nuking” exploit and was submitting a HackerOne report. HackerOne runs a bug bounty program for Coinbase.
After the initial threat on Twitter, Coinbase announced that “due to technical reasons, Coinbase was disabling trading on its new Advanced Trading platform. While the service would still be accessible, users would be able to cancel existing orders but not place new orders. The Advanced Trading service is available only to a limited audience.”
Later, the Tree of Alpha posted a follow-up tweet saying, “No actual Coinbase storages (cold or otherwise) are impacted.”
Around 11 p.m. UTC, Coinbase announced on Twitter that it had “re-enabled full service for retail advanced trading.”
Last year, the company reported 7.4 million monthly transacting users, up year-over-year but down from 8.8 million in the second quarter.
Coinbase sees monthly transacting users rising in the fourth quarter compared to the third quarter at a range of 8 million to 8.5 million.
Also Read: 70% Of Shiba Inu Traders On Coinbase Are Now Buying: How Does This Compare To Last Month?
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