A hacker has bribed Coinbase Global's contractors or employees outside the US to access confidential customer information and is now demanding a $20 million ransom.
The hacker bribed customer-support employees to obtain customer data like names, addresses, and government identity pictures to potentially use in scams and extort money from the exchange.
Coinbase CEO Brian Armstrong revealed the ransom demand on social media and stated that the breach may cost the exchange up to $400 million.
Coinbase is improving security measures, offering compensation to affected users, and is ready to pay a $20 million reward for information leading to the hacker's apprehension.