Coinbase, the largest cryptocurrency exchange in the US, recently disclosed a major cyberattack that compromised sensitive customer data. The breach could cost up to $400 million and highlights ongoing risks within the crypto industry.
Unidentified hackers claimed to have stolen confidential information from customers, including names, addresses, and partial Social Security numbers. However, passwords, private keys, or direct access to funds were not obtained.
Coinbase terminated individuals involved in the attack and notified affected customers. The company refused to pay a $20 million ransom and instead offered a $20 million reward fund for information leading to those responsible.
This incident comes as Coinbase prepares to join the S&P 500 index. However, the breach has cast a shadow over this milestone event.
The cryptocurrency industry faces persistent threats from sophisticated cybercriminals. In 2024, losses from hacks targeting blockchain platforms have exceeded $2.2 billion. Earlier this year, Bybit was robbed of $1.5 billion in what is considered the largest crypto heist to date.
Regulators may also take notice, with the US Securities and Exchange Commission examining Coinbase’s user numbers in past disclosures. The company has denied any active investigation.
Source: https://www.techspot.com/news/107943-coinbase-data-breach-exposes-customer-info-20-million.html