Coinbase Cyber Heist: Insider Job Leads to $400M Loss Amidst Phishing Frenzy!
Coinbase, a leading U.S. cryptocurrency exchange, faced a major cyber attack with potential losses up to $400 million. The breach, linked to insider threats, exposed sensitive data and duped users into transferring funds to fraudsters. Coinbase is refusing to pay a $20 million ransom, instead offering a reward for information on the attackers.
Hot Take:
Who knew that the next big crypto crash would be initiated by a phishing attack? Coinbase is now caught between a rock and a hard place, trying to save face, secure funds, and salvage trust faster than you can say “blockchain.” Meanwhile, cybercriminals are laughing all the way to the (digital) bank!
Key Points:
- Coinbase cyber-attack could cost the exchange up to $400 million.
- The breach was attributed to an insider threat involving freelance employees.
- Hackers utilized advanced phishing tactics to deceive users.
- Coinbase refuses to pay the $20 million ransom but offers a reward for information.
- Crypto exchanges lost $2.2 billion to cyberattacks in 2024, with losses expected to rise by 25% in 2025.
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