Coinbase Cyber Attack Costs and Ransom Demand: A Major Breach
Coinbase reveals cyber criminals stole customer data and demanded a $20 million ransom, prompting a massive remediation cost estimated between $180-$400 million.
Overview
Coinbase has confirmed that hackers stole customer information and demanded a $20 million ransom. The data breach, involving bribed customer service agents, has led to losses estimated between $180 million to $400 million. While refusing to pay the ransom, Coinbase is offering a reward for information on the attackers. The breach underscores ongoing security challenges in the cryptocurrency industry as it faces increasing scrutiny and threats.
Content generated by AI—learn more or report issue.
Get both sides in 5 minutes with our daily newsletter.
Analysis
- Coinbase is facing significant financial fallout from a cyberattack that exposed personal data of some customers, estimating costs between $180 million and $400 million for remediation and customer reimbursements.
- The company responded to the cyberattack by refusing to pay a $20 million ransom demand and instead set up a reward for information leading to the attackers' arrest, showcasing its commitment to combating cybercrime.
- The breach highlights the ongoing security challenges in the cryptocurrency industry, especially as it becomes more mainstream and attracts sophisticated cybercriminal activity.
Articles (9)
Center (7)
No highlight available for this article.
Bloomberg·2M·No highlight available for this article.
Bloomberg·2M·No highlight available for this article.
CNET·2M·No highlight available for this article.
NBC News·2M·No highlight available for this article.
BBC News·2M·No highlight available for this article.
ABC News·2M·No highlight available for this article.
Associated Press·2M·FAQ
The stolen data included names, addresses, phone numbers, emails, government ID images, account data such as balance snapshots and transaction history, and limited corporate documents[1][2].
Less than 1% of Coinbase's monthly transacting users were affected by the breach[2][3].
Coinbase refused the $20 million ransom demand and instead offered a $20 million reward for information leading to the arrest and conviction of the perpetrators[3][5].
The estimated cost of the cyber attack for Coinbase is between $180 million to $400 million[1][3].
History
- This story does not have any previous versions.