A naukri.com initiative
99Bitcoins
6d
313
Coinbase Hacked: Up to $400M at Risk After Insider Scam
- Coinbase is facing losses between $180 million and $400 million after a targeted insider-driven cyber attack compromised its internal systems.
- Attackers bribed contractors and employees to gain internal access and impersonated Coinbase staff to trick users into handing over crypto.
- Coinbase refused to pay a $20 million ransom, promising to reimburse affected users and investigate the breach.
- The company fired insiders involved in the scam and launched a $20 million bounty fund to track down the attackers.
- The hack emphasizes cybersecurity threats in the crypto industry, showcasing vulnerability to insider manipulation.
- Coinbase's estimated losses include breach costs, user reimbursements, and potential legal consequences.
- Investors reacted with a 4% stock drop after news of the cyber attack.
- Cryptocurrency platforms, including Coinbase, need heightened security measures to combat evolving attack tactics.
- Users are advised by Coinbase to remain vigilant against scams and report suspicious activity promptly.
- The incident serves as a warning for all crypto platforms and users to prioritize security and trust in the sector.
Read Full Article
18 Likes
For uninterrupted reading, download the app