Coinbase detected and blocked attempted attack on user funds

Coinbase was among several crypto companies able to detect and block an attempted hack on Monday, according to reports.

The attackers are believed to have exploited a Firefox zero-day bug to target Coinbase's employees remotely in a spear-phishing attempt.

"If successful, a hacker could have gained access to the Coinbase backend network and used this access to steal funds from the exchange -- a tactic that has been used numerous times in the past and has led to gigantic losses at many cryptocurrency exchanges before," the report noted.

Coinbase's Chief Security Officer Philip Martin took to Twitter yesterday to share more details about how the crypto exchange handled the attack.

"[We] pulled apart the malware and infra used in the attack and are working with various [organisations] to continue burning down attacker infrastructure and digging into the attacker involved," he said.

Martin also reiterated they had "seen no evidence of exploitation targeting customers," only employees.