69,461 Users Affected by Coinbase Data Breach, Filing Confirms
Coinbase Global Inc. reported a data breach affecting 69,461 users in December 2024, raising security concerns in the crypto sector. Hackers demanded a $20 million ransom to prevent the exposure of stolen data.
Key Details
- Attackers targeted overseas customer support staff using cash incentives.
- Personal details such as names and email addresses were compromised; passwords and funds remained secure.
- Coinbase is committed to compensating affected users amid ongoing investigations.
- The U.S. Department of Justice is investigating at Coinbase's request, while the SEC reviews potential inflation of user numbers before its 2021 IPO.
- Coinbase has offered a $20 million reward for information on the hackers.
- The breach could cost Coinbase between $180 million and $400 million for damage control and reimbursements.
- Criticism has arisen regarding KYC laws and their effectiveness in preventing data breaches.
Concerns about the security of user data on crypto platforms have intensified, particularly following significant breaches like the $1.4 billion theft from Bybit. Additionally, individual scams continue to target investors, with reports of victims losing millions to sophisticated fraud schemes.