Post
Topic
Board Legal
Re: WALLET SERVICES REFUND FOR STOLEN BTCs
by
illinest
on 19/11/2017, 23:40:41 UTC
I had my BTCs on GDAX and were stolen and the transaction was unauthorized by me which is obvious they were hacked.
I immediately called them in two hours as I relaized the BTCs were gone from the Wallet.
Would they help me with the refund.ITs worth 4.5 BTCs.
Any inputs on how to work on this?
Are the BTCs insured on the Wallets?

That really sucks. Unfortunately, you're not getting the funds back. There is no insurance on Coinbase's BTC, and even if there were, they couldn't insure against your own account security (e.g. if you get hacked). There is insurance on USD held on account (standard FDIC insurance). But if someone hacks into your account and buys BTC with your USD and withdraws it, it doesn't apply.

Technically, there's no way to verify that you didn't withdraw the funds yourself. For example, you could have set up a VPN to appear that there was unauthorized access to your account from, say, Russia, and you could do this for your email as well. If 2FA was via SMS, you could also have your number ported and give the appearance that the porting was unauthorized.

If Coinbase simply refunded people in this case, they would quickly find themselves bankrupt. If there is a security lapse on their end, they might be liable, but in this case, there is no proof of that.