What’s Happening With Coinbase: Wave of Lawsuits After Data Breaches
A wave of Coinbase lawsuits has followed the exchange after facing a cyberattack and data breach in the previous week.
Coinbase, which is among the biggest crypto exchanges in the world has went through severe security breach, resulting in the theft of user data on May 15.
Now users have filed multiple lawsuits, increasing the legal difficulties of the platform. Let’s discuss.
The crypto exchange disclosed the data breach news on May 15 after attackers bribed several Coinbase customer support staff to provide access to the users’ data.
With that, users’ personal information, including names, addresses, phone numbers, driving licenses, passports, transaction history, email addresses, and even the last digits of their special security numbers, was compromised, resulting in multiple Coinbase lawsuits.
The cybercriminal has asked for a reason of $20 million, which the exchange has refused to pay.
As a result, six lawsuits were filed between May 15 and May 16 based on the allegations of poor security practices and mishandling of the breach situation, as well as failure to promptly handle and inform the affected users.