Summary
A cyber attack on Coinbase, a major cryptocurrency company, resulted in a potential loss of up to $400 million. Hackers accessed less than 1% of customer data and tried to extort $20 million, which Coinbase refused to pay.
Key Facts
- Coinbase reported a recent cyber attack could cost the company up to $400 million.
- Hackers accessed less than 1% of Coinbase's customer data.
- The hackers impersonated the company to scam people and demanded $20 million to keep quiet.
- Coinbase refused to pay the ransom and instead plans to reimburse affected customers.
- The company's share price dropped by 4.1% after news of the attack.
- The hacking incident occurred shortly before Coinbase's planned inclusion in the S&P 500 index.
- Security firm Chainanalysis reported $2.2 billion stolen from crypto businesses in 2024.
- Coinbase is working with law enforcement and offers a $20 million reward for information leading to the arrest of the attackers.
