Coinbase’s $20M Bounty: Turning Cybercrime into a Rewarding Opportunity!
Coinbase is flipping the script on cybercriminals by offering a $20 million bounty instead of paying a ransom. They’ve fired rogue insiders, are reimbursing scammed customers, and are adding extra security measures. It’s like an action movie, but with crypto and a happy ending. Who knew fighting cybercrime could be so rewarding?
Hot Take:
Coinbase is putting its money where its mouth is with a $20 million bounty, proving once and for all that the only thing scarier than hackers is the thought of giving them a dime of Coinbase’s hard-earned crypto! While most of us pay ransoms to get our data back, Coinbase is flipping the script and offering big bucks to anyone who can help nab the bad guys. Move over, Dogecoin; there’s a new lucrative offer in town!
Key Points:
- Coinbase refuses to pay a $20 million ransom, instead offering a $20 million reward for information leading to the criminals’ capture.
- The attack involved bribed overseas support agents to steal customer data and attempt social engineering attacks.
- Coinbase is boosting security measures and opening a new support hub in the US.
- The data breach affected less than 1% of monthly users, with no funds or sensitive authentication data compromised.
- Estimated remediation costs range from $180 million to $400 million.
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