What the $400 Million Coinbase Hack Means for Your Crypto
Criminals have accessed the personal information of around 97,000 Coinbase customers.
Last week, Coinbase (NASDAQ: COIN) told customers about a security breach in which criminals accessed personal data from around 1% of its monthly transacting users. The popular cryptocurrency exchange estimates the hack could cost it between $180 million and $400 million, per its May 14 SEC filing.
The hackers bribed Coinbase employees abroad so they could access user information on its internal systems. They then demanded a $20 million ransom from Coinbase, which the company refused to pay. Instead, it offered the money as a reward for information that helped to catch the criminals.
Image source: Getty Images.
