Coinbase is grappling with the aftermath of a significant cyber attack that resulted in a 7% drop in its stock price and an anticipated cost of $400 million. The breach involved compromised overseas contractors who accessed sensitive customer information, including personal details and government IDs. While passwords and private keys remained secure, the exposed data raises concerns about potential identity theft and phishing. In response, Coinbase declined a $20 million ransom request from the attackers and is creating a U.S.-based support hub to improve security and reduce reliance on international staffing.
Coinbase revealed it refused to pay a $20 million ransom demand, reinforcing its position against cyber extortion as it faces a potential $400 million bill from a breach.
The fallout from the cyber attack, attributed to compromised overseas contractors, exposes a troubling vulnerability in securing sensitive customer information.
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