๐จ COINBASE DATA BREACH: WHAT YOU NEED TO KNOW
Coinbase has disclosed a significant data breach involving the theft of sensitive customer information. Here's a breakdown of the incident:AP News+2BleepingComputer+2MarketWatch+2
๐ What Happened?
Cybercriminals bribed overseas customer support staff to gain unauthorized access to Coinbase's internal systems.AP News+9WSJ+9Business Insider+9
The attackers obtained personal data, including names, addresses, emails, masked Social Security numbers, bank account identifiers, government-issued IDs, and transaction histories of approximately 97,000 usersโless than 1% of Coinbase's monthly transacting customers.MarketWatch+3WSJ+3PYMNTS.com+3
No customer funds, passwords, or private keys were compromised.Investopedia+5MarketWatch+5Reddit+5
The hackers demanded a $20 million ransom in Bitcoin, which Coinbase refused to pay.Business Insider+8WSJ+8BleepingComputer+8
๐ก๏ธ Coinbase's Response
Coinbase has terminated the involved employees and is cooperating with law enforcement to pursue criminal charges.PYMNTS.com+2WSJ+2MarketWatch+2
The company has established a $20 million reward fund to aid in identifying and prosecuting the attackers.MarketWatch+4WSJ+4BleepingComputer+4
Enhanced security measures are being implemented, including the establishment of a new U.S.-based support center.PYMNTS.com+2WSJ+2MarketWatch+2
Coinbase has pledged to reimburse customers who were tricked into sending funds to the attackers due to social engineering scams.Business Insider+4PYMNTS.com+4Reuters+4
๐ Financial Impact
The breach is expected to cost Coinbase between $180 million and $400 million.Cyber Security News+4WSJ+4Business Insider+4
Following the announcement, Coinbase's stock (COIN) fell over 7%.Investopedia+2WSJ+2Fox Business+2
๐ What You Should Do
Be vigilant against phishing attempts and unsolicited communications claiming to be from Coinbase.
Monitor your accounts for any suspicious activity.
