A cybersecurity company has warned of a potential breach of the trading platform Coinbase, after the cryptocurrency exchange confirmed it had received “a malicious exploit” on its servers.
“The vulnerability exists on Coinbase servers, and we’ve been informed that there are people trying to take advantage of this vulnerability,” the company said in a statement to Reuters.
“We are currently working with the Bitcoin community to mitigate the risk of this being exploited.
As a precaution, we are working with Coinbase to determine whether this vulnerability will impact other users of the Coinbase platform.”
According to the firm, the malicious exploit targeted a “large subset of Coinbase users” and targeted the exchange’s API for storing customer data.
It also contained a code to “extract private keys from Coinbase accounts,” the firm said.
“While we’re not aware of any specific impact to Coinbase customers, we encourage customers to be vigilant and ensure their private keys are securely stored in a safe location.”
The vulnerability could have been exploited by attackers who had access to the exchange, the company noted.
“It’s critical that users take additional steps to protect themselves from potential attacks,” the statement continued.
“Users should always ensure they have a strong password, a strong back up of their Bitcoin wallet, and that they follow the Coinbase account retention policies outlined in the Terms of Service.
Coinbase customers should also review their policies and procedures for any potential issues and consider the possibility of a security breach in the event of a malicious exploit.”
In its statement, Coinbase said that it is working with law enforcement authorities to determine the nature of the attack and “provide updates if necessary.”
The exchange has been one of the main platforms for buying and selling Bitcoin, and its trading platform is popular among investors.
The platform has a user base of more than 8.5 million users.
The cryptocurrency has gained in popularity in recent months as it has been gaining in value, with more than $100 million in transactions in December alone.
It is also gaining in popularity as a way to move money internationally, with some governments looking to ease the stigma associated with buying Bitcoin.