Thu, 15 May 2025

Thu, 15 May 2025 Leading crypto firm Coinbase faces up to $400m hit from cyber attack

The firm says hackers have obtained customer information by paying off employees.

* Coinbase estimates that a recent cyber attack will cost it up to $400m (£301m).
* Hackers claimed to have accessed customer information, obtained by making payments to Coinbase contractors and employees.
* Less than 1% of Coinbase's customer data was compromised, but the hackers used this information to impersonate the company and trick people into handing over their crypto.
* The hackers demanded $20m from Coinbase to keep quiet, but the company refused to pay and instead promised to reimburse customers who were scammed.
* The company has fired staff members who shared customer information with the hackers and is cooperating with law enforcement to pursue penalties against the attackers.
* A $20m reward fund has been established for information leading to the arrest and conviction of the criminals responsible for the attack.
* Coinbase's share price fell by 4.1% after the disclosure, and the company warned customers that they should be vigilant as scammers may attempt to impersonate the firm in the future.
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