Michael Pierre was sitting in his Brooklyn, New York, apartment last summer when he received a text on his iPhone from an unknown number, then immediately lost service. 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.
Pierre could not log in. Panicked, he emailed Coinbase for help. The company later told him that an “attacker” had reset his password and drained his account. Pierre said he was shocked because he had expected Coinbase’s security to detect suspicious activity and stop the theft.
“I was thinking about retirement, family, having money for those rainy days,” he said. “And within a couple of minutes, it was all taken away from me.”