US EditionKenya: Leading Crypto Firm Coinbase Faces Up to $400m Hit From Cyber Attack
- On Sunday, May 11, 2025, hackers accessed less than 1% of Coinbase customer data through bribed international support staff, exposing personal information.
- The attackers exploited weak points in Coinbase's overseas customer service, enabling social engineering attacks that tricked some customers into sending funds.
- Following the breach, Coinbase refused a $20 million ransom demand, terminated involved personnel, increased fraud monitoring, and promised to reimburse scammed customers.
- Coinbase estimated total costs between $180 million and $400 million for remediation and reimbursements, and announced a $20 million reward for tips leading to the attackers' conviction.
- The incident highlights ongoing security challenges for the rapidly growing crypto industry, which Coinbase CEO Brian Armstrong insists will prosecute perpetrators and protect customers.
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Coinbase Suffers Data Hack: Most Secure No KYC Alternative
Coinbase may owe customers up to $400 million after hackers steal confidential data. And with ByBit being duped for $1.5 billion in March, this marks the second major centralized exchange exploit in two months. As such, traders are fleeing to secure self-custody crypto wallets like Best Wallet. Coinbase Hackers Steal Customer Data According to a […] The post Coinbase Suffers Data Hack: Most Secure No KYC Alternative appeared first on Modern Dipl…
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