Coinbase Accidentally Saves Unencrypted Passwords of 3,420 Customers

Coinbase announced the news in an official blog post on Aug. 16. According to the announcement, Coinbase has resolved the root cause of the bug and the platform is confident that stored data was not “improperly accessed, misused, or compromised.” 

Major crypto platform Coinbase has emailed 3,420 Coinbase customers to disclose an accident with customer registration. Some registration details were apparently stored in clear text on the logs of Coinbase’s internal server, with affected customers now required to change their passwords.

Some users’ credentials were saved when a rare signup error occurred. When users encountered this error, Coinbase would deny their registration but still save their credentials, including username, email address, proposed password and state of residence for United States-based users.

Moreover, the announcement specified that the 3,420 individuals then submitted a new registration application, in which they used the same password. Coinbase was apparently able to determine this because the password hash would match the earlier password hash saved from the failed signup attempt.

Coinbase also reassured users that none of the data recorded in their logging system appears to have been accessed and that they have contacted all of the affected users. Per the announcement, Coinbase uses Amazon Work Station (AWS) for its internal logging, and it shares data with a few log analysis services. These analysis services, as well as AWS, are all audited, and access to the info is said to be tightly restricted.

Coinbase expands its custodial arm

As previously reported by Cointelegraph, Coinbase has expanded its custodial arm, Coinbase Custody, with the recent acquisition of crypto wallet Xapo’s industrial services. This recent acquisition has bumped up Coinbase’s assets under custody to $7 billion. According to the announcement, Coinbase Custody is now the largest crypto custodian by AUC in the world, with 120 clients spanning 14 different countries.

Coil, Mozilla, Creative Commons Offer $100M Grant for Web Monetization

Ripple-backed content platform Coil and major open-source browser Mozilla have teamed up to give away a $100 million grant for web monetization.

In a Sept. 16 blog post, the team behind Coil revealed that it, Mozilla and Creative Commons, a nonprofit that provides free licenses for creators, are jointly donating $100 million for a program aimed at facilitating and improving monetization on the web.

“Grant for the Web”

The aforementioned grant that intends to benefit creators and promote the open Web Monetization standard is dubbed “Grant for the Web.” Web monetization lets users independently reward creators, thus eliminating a third party such as companies or payment platforms.

The companies are planning to provide $1,000 to $100,000 grants to developers and creators who support and advocate for web monetization, wherein the majority of the grant money will be allocated to openly licensed software and content.

Initiatives on content monetization

The announcement follows Ripple’s infrastructure development and XRP adoption initiative Xpring’s 1 billion XRP grant to Coil on Aug. 15 – worth roughly $265 million at the time. Coil CEO Stefan Thomas commented:

“Creators want more choice and control over how their content is monetized and distributed … Web Monetization provides a solution that is more fair, open and inclusive for creators and fans around the globe.”

Brave Browser

Earlier this year, blockchain-based decentralized browser Brave announced a feature for tipping content creators and subsequently added the option to Reddit and Vimeo. The number of publishers using Brave increased by 1,200% over the past year.

As of August, 29,278 website publishers including the Washington Post and Smithsonian Magazine, 17,417 Twitter publishers, 2,917 Reddit publishers, 166,698 YouTube publishers and over 12,000 Twitch publishers used the Brave Reward program.

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