Coinbase Cyberattack

SOURCE www.breitbart.com
Coinbase, the largest US cryptocurrency exchange, suffered a major cyberattack exposing sensitive customer data, but refused to pay the hackers' $20 million ransom. They placed a $20 million bounty on the hackers instead. The breach could cost the company up to $400 million.

Key Points

  • Coinbase refused to pay the hackers' ransom and set up a reward fund instead
  • Enhanced security measures and cooperation with law enforcement were implemented
  • The breach could cost the company up to $400 million

Pros

  • Immediate termination of individuals involved in the breach
  • Enhancement of fraud monitoring systems
  • Reimbursement for customers deceived into transferring funds

Cons

  • Exposure of sensitive customer information
  • Potential financial losses ranging from $180 million to $400 million