Coinbase has confirmed a data breach involving the theft of sensitive customer information by a hacker who exploited the access of contractors. The hacker demanded ransom for not disclosing the data. Coinbase's filing disclosed that crucial customer data, including government-issued identity documents, names, addresses, and bank account information, was compromised. The company had already warned affected customers and reported that the malicious activity was detected earlier. Coinbase expects to incur substantial costs, estimated at $180 million to $400 million, to remediate the breach and reimburse customers, and has chosen not to meet the ransom demand.
Coinbase confirmed a breach wherein a hacker stole sensitive customer data, including identity documents, demanding ransom and exploiting support staff's access to internal systems.
The hacker acquired sensitive customer information by paying contractors to collect data from Coinbase's internal systems, leading to the termination of those employees.
In a legally mandated filing, Coinbase revealed that the stolen data includes names, addresses, Social Security numbers, and identity documents like licenses and passports.
Coinbase anticipates significant costs related to the incident's remediation, estimated between $180 million and $400 million, but asserts it has not paid the hacker's ransom.
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