Coinbase

one of the largest cryptocurrency exchanges in the US, recently suffered a devastating cyberattack that could cost the company between $180 million and $400 million. Here’s what we know so far ¹:

– The Attack:

Hackers bribed some of Coinbase’s employees and contractors to gain access to internal systems, stealing sensitive customer data and funds.

– Stolen Data: The attackers accessed personal information, including names, addresses, and email addresses. However, sensitive information like passwords and login credentials remained secure.

– Ransom Demand: The hackers demanded a $20 million ransom in Bitcoin, but Coinbase refused to pay. Instead, they offered the same amount as a reward for information leading to the attackers’ arrest.

– Reimbursement: Coinbase has reassured customers that they will be reimbursed for the stolen funds.

– Security Measures: The company has taken proactive steps to enhance its security, including firing the involved employees and cooperating with law enforcement.

– Impact: The cyberattack has shaken investor confidence, causing a 3% drop in Coinbase’s share price. However, the company’s swift response may help mitigate long-term reputational damage.