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🚨UPDATE: COINBASE COULD FACE AS MUCH AS $400M IN LOSSES DUE TO RECENT
CYBER
ATTACK - THE GUARDIAN
#CYBER
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🚨$400M CYBERATTACK ON COINBASE?! A cyberattack has hit the US crypto giant. Revealed just days before its entry into the S&P 500—and the details are wild. Here’s what happened ⬇️ https://bsc.news/post/coinbase-400-million-cyberattack
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COINBASE FACES UP TO $400M LOSS AFTER CYBERATTACK EXPOSES CUSTOMER DATA - Coinbase, one of the largest cryptocurrency exchanges in the U.S., revealed a significant cyberattack that could cost the company between $180 million and $400 million, according to The Guardian. Key Details: - The attack targeted a small subset of customers, exposing personal data but sparing critical login credentials and passwords. - The breach unfolded when hackers infiltrated the company’s internal systems by paying off several contractors and employees outside the U.S. - Per reports, these insiders handed over customer information including names, addresses, and emails. - Coinbase reportedly terminated those involved and is cooperating with law enforcement agencies. - In a regulatory filing, Coinbase detailed the hackers reaching out demanding a $20 million ransom to keep quiet. - The company refused to pay and instead established a $20 million reward fund to encourage tips leading to the arrest and conviction of the perpetrators. Response from Coinbase to Customers: - Despite the stolen data, Coinbase assured customers that login details remained secure. - However, criminals used the leaked information to impersonate the exchange and trick some users into sending funds directly to the attackers. - Coinbase committed to reimbursing anyone who fell victim to these scams. - The exchange urges customers to remain vigilant, reminding them it will never ask for passwords, two-factor authentication codes, or transfers to unfamiliar addresses. The company advises users to lock their accounts if they suspect suspicious activity. - Coinbase emphasized transparency and accountability: “To the customers affected, we’re sorry for the worry and inconvenience this incident caused. We’ll keep owning issues when they arise.” - Security challenges continue to plague crypto platforms. A recent report from Chainalysis highlights that hacking-related losses in the crypto sector totaled $2.2 billion in 2024 alone.
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