[ALERT]
Coinbase Suffers Major Cyberattack: Here’s What Happened
Date: May 15, 2025
Category: Security | Crypto News
Coinbase, the largest crypto exchange in the U.S., has confirmed a significant data breach involving unauthorized access to internal systems through social engineering and bribery of third-party contractors.
What Happened?
Hackers bribed overseas support staff to access internal Coinbase systems.
Stolen data includes:
Names
Email addresses
Images of government-issued IDs
Last four digits of SSNs
Less than 1% of active users affected.
A $20 million ransom was demanded. Coinbase refused and is offering a $20M bounty for info on the attackers.
What Was Not Compromised?
User funds remain safe
No access to passwords or private keys
Estimated Damage:
Legal and operational costs could reach $400 million
Coinbase (COIN) stock dropped post-disclosure
Why It Matters:
This breach is a stark reminder of vulnerabilities in centralized platforms. The crypto industry saw over $2.2 billion in losses from hacks in 2024 alone.
Stay Protected:
Enable 2FA on all exchange and wallet accounts
Beware of phishing attempts referencing Coinbase
Monitor your account activity
Avoid sharing sensitive info with unverified contacts
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Security is a shared responsibility. Stay alert. Stay informed.
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