ChainCatcher report, according to Cointelegraph, a subdomain page of Coinbase Commerce prompted users to enter their wallet seed phrases, drawing attention from security researchers. Yu Xian of SlowMist stated that he could not understand why Coinbase would set up such a page, directly requesting users to input their seed phrases in plain text for asset recovery, calling this a serious security risk. On-chain analyst ZachXBT noted that the page was previously referenced in a Coinbase Commerce product help article, which advised users to recover funds by importing their seed phrases into compatible wallets such as Coinbase Wallet or MetaMask, and included a link to the subdomain’s withdrawal tool. The help article has since been removed. ZachXBT also pointed out that if exploited by malicious actors, this page could be used to conduct seed phrase phishing attacks against Coinbase users.
Coinbase Commerce page asks users to enter their mnemonic phrase, raising security concerns.
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Summary
A Coinbase Commerce subdomain recently asked users to enter their wallet mnemonic phrases, sparking on-chain news and concerns about a security breach. Security researcher Yuxin labeled the move a major risk, as it exposed users to potential theft. On-chain analyst ZachXBT noted that the page was linked in a help document that has since been removed, which instructed users to import phrases into third-party wallets. He warned that the page could be exploited for social engineering attacks, underscoring the security risk to Coinbase users.
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