Coinbase, the leading US cryptocurrency exchange, announced that hackers gained unauthorized access to customer personal data, leading to a ransom demand of $20 million. CEO Brian Armstrong revealed that some customer service agents were bribed to share sensitive information. This breach enables attackers to conduct social engineering scams targeting customers. Although the number of victims remains unspecified, Coinbase vowed to reimburse those affected. The firm may face remediation costs of up to $400 million and is actively working to enhance its fraud prevention measures while also seeking information to apprehend the criminals.
Coinbase did not specify how many customers had their data stolen or fell prey to social engineering scams. But the company did pledge to reimburse any who did.
In a filing with the Securities and Exchange Commission, Coinbase estimated that it would have to spend between $180 million to $400 million relating to remediation costs and voluntary customer reimbursements relating to this incident.
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