A massive hack of the largest U.S. cryptocurrency exchange took place with the complicity of employees.
Investing.com - Cryptocurrency exchange Coinbase Global Inc. (NASDAQ:COIN) announced recently, Thursday, May 15, 2025, that it expects to incur costs ranging from $180 million to $400 million as a result of a recent cyberattack.
The company confirmed that account data, including names, addresses, and email addresses, was stolen from a small group of users, but that the attackers were unable to access login information or passwords.
Compensation for victims and confirmation of an internal breach
"We will reimburse customers who were deceived into sending funds to the attacker," Coinbase said. The company explained that the cybercriminals were able to carry out the attack after "bribing and recruiting a group of involved technical support agents," which facilitated the theft of user data.
In a post on its official blog, Coinbase reiterated its commitment to compensating defrauded customers and announced a reward of up to $20 million for information leading to the arrest of the attackers.
Confirmations after months of previous warnings
This official confirmation from Coinbase comes three months after on-chain investigator ZachXBT published allegations that Coinbase users lost $300 million to social engineering scams.
The platform also stated that the attackers obtained images of government IDs, account balances, and company data, but confirmed that two-factor authentication (2FA) codes and private keys were not compromised. Immediate Action Against Involved Employees
Coinbase immediately terminated the employees involved in the hack, notified the appropriate U.S. and international authorities, and confirmed its intention to pursue legal and criminal prosecution against those involved.
According to CoinDesk, Coinbase has not yet issued an official comment on ZachXBT's $300 million loss claim.
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