📚🧐Here's what's happening with the Coinbase data breach ¹ ²:

- *Data Breach Details*: A recent data breach at Coinbase affected less than 1% of the exchange's monthly users, with Sequoia Capital partner Roelof Botha's account being compromised. Cybercriminals bribed Coinbase's support agents for access to user data.

- *Method of Attack*: The breach involved social engineering attacks, where hackers used stolen personal account information to target users.

- *Extortion Attempt*: The hackers attempted to extort $20 million from Coinbase in exchange for not disclosing the breach.

- *Response and Remediation*: Coinbase fired the compromised customer service agents based in India and plans to pay $180 million to $400 million in remediation and reimbursement to affected users.

- *Impact on Coinbase Stock*: The exchange's stock (COIN) fell over 7% following the reports, but recovered somewhat to $264.24 at the time of publication.

- *Industry-Wide Concerns*: Other exchanges, such as Kraken and Binance, may have been targeted by similar attacks, raising concerns about industry-wide security.

- *Legislative Efforts*: Coinbase CEO Brian Armstrong is advocating for crypto-related legislation in Congress, including a stablecoin bill and digital asset market structure bill.#MastercardStablecoinCards #BinancePizza $