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Coinbase, the globe’s third-largest digital currency exchange, experienced a $20 million blackmail attempt after cybercriminals engaged overseas support personnel to expose user information, the firm revealed.
As stated in a May 15 blog article, Coinbase reported that a collective of outside individuals bribed and collaborated with multiple customer support contractors to infiltrate internal systems and obtain restricted user account information.
“These insiders exploited their access to customer support systems to pilfer the account information for a limited group of clients,” Coinbase noted, emphasizing that no passwords, private keys, funds, or Coinbase Prime accounts were compromised.
Fewer than 1% of Coinbase’s monthly active users’ information was impacted by the incident, the organization declared.
Following the theft of data, the assailants tried to extort $20 million from Coinbase in return for keeping the breach confidential. Coinbase rejected the request.
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Instead, the organization proclaimed it would provide a $20 million bounty for information that leads to the apprehension and conviction of the individuals behind the plot.
Fraudsters frequently disguise themselves as well-known brands to foster a deceptive sense of confidence in their targets.
In 2024, Coinbase was the most impersonated digital currency brand among fraudsters.
This is a developing narrative, and additional details will be added as they emerge.
Related: Leading South Korean presidential contenders endorse the legalization of Bitcoin ETFs
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