In addition, the scammers demanded $20 million in bitcoins from Coinbase or they would publish confidential customer data online, including names, addresses, and identification numbers.

Neither passwords, nor private keys, nor funds were disclosed, and Coinbase Prime accounts remained untouched, representatives of the cryptocurrency exchange reported.

Instead of paying the ransom, Coinbase itself offered a reward of $20 million for information about the extortionists. The company also contacted law enforcement and promised to compensate affected users.

We will not pay the ransom of $20 million that was offered to us. Instead, we will establish a fund of the same amount to reward information that leads to the arrest and conviction of the criminals responsible for this attack, Coinbase stated.