23andMe’s DNA Dilemma: From Cyber Breach to Bankruptcy Blues
23andMe has filed for bankruptcy protection in the US after a massive cyberattack and years of financial hiccups. They hope a court-supervised sale of assets will keep the company afloat. Meanwhile, California’s Attorney General suggests downloading your data before it disappears faster than a sustainable profit at 23andMe.
Hot Take:
23andMe might have been all about revealing your family secrets, but it looks like the company itself is about to become a juicy episode of “Who Bought My Data?” with a splash of “Bankruptcy Court: DNA Edition.” The DNA testing biz is now trying to find its financial roots in bankruptcy court while dodging creditors and cyberattack lawsuits. Who would’ve thought DNA would be this dramatic?
Key Points:
- 23andMe files for Chapter 11 bankruptcy following a massive 2023 cyberattack.
- The company aims to sell its assets under court supervision to pay off debts.
- A $30 million settlement was reached due to the data breach-related lawsuit.
- Anne Wojcicki resigns as CEO amidst the bankruptcy filing.
- The company remains operational while seeking bids for its assets.
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