Coinbase’s Comedy of Errors: Bribed Contractors, a $20M Extortion, and a $400M Cleanup Bill!
Coinbase faced a security breach involving bribed rogue contractors accessing customer data. CEO Brian Armstrong declared, “We won’t fund criminal activity,” opting instead for a $20 million reward fund to catch the extortionists. Despite the breach, no login credentials or funds were compromised. Coinbase is enhancing security and reimbursing scammed customers.
Hot Take:
In a plot twist that feels like a mix between a heist movie and a reality show gone rogue, Coinbase has turned the tables on cybercriminals with a $20 million bounty for their capture rather than giving in to their demands. It’s a modern-day tale of betrayal, bribery, and a whole lot of Bitcoin drama. Who knew that the world of cryptocurrency could be this exciting? Watch out, Hollywood, because this story might just be coming to a theater near you!
Key Points:
- Coinbase security breach involved bribed rogue contractors at non-U.S. support centers.
- Extortionists demanded $20 million for stolen customer data.
- Coinbase refused to pay and set up a $20 million reward fund for information leading to arrests.
- Stolen data included personal information but not login credentials or access to funds.
- Coinbase plans to reimburse affected users and strengthen security measures.