Archive · 19 May 2025
Coinbase Faces Cyberattack, Potential Costs Reach Hundreds of Millions
Coinbase, a cryptocurrency exchange, experienced a cyberattack where criminals stole user data.
Attackers bribed support agents to access information like bank accounts and IDs.
They demanded $20 million, but Coinbase refused.
The exchange will reimburse affected users, potentially costing $180-$400 million.
The company is boosting security, opening a new support hub, and cooperating with law enforcement.
No passwords or funds were directly stolen, but users were tricked into sending money.
The SEC is investigating, and Coinbase stock dropped.
The company aims to arrest and convict the attackers.
Coinbase suffered a cyberattack involving stolen user data.
Attackers demanded a $20 million ransom, which was refused.
Coinbase will voluntarily reimburse affected users.
Estimated remediation expenses could reach $180-$400 million.
The SEC is investigating the incident, and Coinbase stock fell.
- Who
- Cybercriminals and rogue support agents
- What
- Data breach, ransom demand, and user fund theft.
- When
- Recently disclosed
- Where
- Coinbase platform
- Why
- To steal user data and extort money.
- Incident Type
- Data Breach
- Attackers' Demands
- $20 million ransom
- Estimated Reimbursement Costs
- $180-$400 million
- Data Breached
- Bank account numbers, IDs, emails, and more.
- Coinbase Response
- Reimbursement, $20 million reward fund, security upgrades
- Impacted Users
- Less than 1% of users
