Investing.com - Coinbase Global Inc (NASDAQ:COIN) announced just now, on Thursday, May 15, 2025, that it expects to incur costs ranging from $180 million to $400 million due to a recent cyber attack.
The company confirmed that account data – including names, addresses, and email – was stolen from a small group of users, but the attackers were unable to access login data or passwords.
Compensation for the affected and confirmation of an internal breach
Coinbase said: "We will compensate customers who were tricked into sending money to the attacker."
The company explained that cybercriminals were able to carry out this attack after they "bribed and recruited 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 customers who were deceived 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 the on-chain investigator "ZachXBT" published allegations that Coinbase users lost $300 million due to social engineering-based scams.
The platform also mentioned that the attackers obtained images of government ID cards, account balances, and data related to companies, but confirmed that two-factor authentication (2FA) codes and private keys were not compromised.
Immediate actions against the involved employees
Coinbase immediately fired the employees involved in the breach and notified the relevant U.S. and international authorities, confirming its intention to take legal action and file criminal charges against those involved.
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Coinbase has not yet issued an official comment on what ZachXBT mentioned regarding losses of $300 million, according to "CoinDesk."
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