🚨 Major Breach at Coinbase: $400M Fallout & Rising Fears 🚨

📅 Breach Occurred: Dec 2024 | 📢 Disclosed: May 2025

🔓 Over 69,000+ users impacted in a social engineering breach that saw attackers gain access via rogue insiders.

💸 Up to $400M in losses, including ID scans, addresses & account details leaked.

💰 Coinbase is offering $180M–$400M reimbursements + a $20M bounty for leads.

🔍 Experts say:

Poor insider threat controls

Lax background checks

No alert systems for mass data access

💬 “Only 1% of users breached, but 100% of the headlines.” – Nick Tausek, Swimlane

🔐 Binance, Kraken confirm they’ve fended off similar attacks recently.

📉 SEC scrutiny rises. Legal & physical safety concerns loom — with fears of real-world robberies as in the Ledger 2021 case.

🧠 Lesson: Even top-tier exchanges need bulletproof security against inside threats.

📎 Full report by Oliver Knight, CoinDesk

#Coinbase #CryptoSecurity #DataBreach #Web3 #BinanceSquare