Data leak at Coinbase: Customers in great danger from cyber attack!

Data leak at Coinbase: Customers in great danger from cyber attack!

Crypto exchange Coinbase is facing a massive data breach following a serious cyberattack, raising serious security concerns. Attackers gained access to users' sensitive information, including home addresses. According to this, less than 1% of monthly active users are affected, but this could have serious consequences for those affected. Loud Cointelegraph Potential refunds could total up to $400 million.

The company confirmed that no passwords, private keys or account balances were exposed. However, users are concerned that the stolen data could be used for social engineering scams or extortion attempts. Scientist Michael Arrington raised concerns about the “human cost” of this data breach and warned of the danger now posed to crypto users.

Cyber ​​attack details

The attackers were able to access Coinbase's internal systems through bribed customer service representatives. Reports from Heise According to the cybercriminals, they obtained information about certain customer accounts as well as internal documentation. Coinbase then launched an investigation and contacted the US Securities and Exchange Commission (SEC) to report the incident and resolve the situation.

The exact identity of the cyber gang behind the attack remains unclear. The attackers sent an email to Coinbase threatening to publish the stolen data. The information is believed to have been collected from paid employees and contractors outside the United States.

Affected users and measures

Affected customers were warned in order to prevent possible misuse of the data. Coinbase has fired the affected employees and is working closely with prosecutors. Investigations into the authenticity of the email confirm connections to previous unauthorized data access. All affected data includes names, addresses, phone numbers, email addresses, anonymous bank account numbers, and government ID images.

The company plans to strengthen anti-fraud measures and has clearly communicated that it will not meet the attackers' demands for money. Affected customers who have already transferred money to the attackers should be compensated.

The IT security incident comes at a critical time in Coinbase's history, shortly before its planned inclusion in the S&P 500 Index. However, this situation could affect future investments and user trust in the platform.

The industry has collectively suffered a loss of over $1 billion due to 296 security incidents and is calling for preventive measures to prevent such attacks in the future. Experts recommend layered cybersecurity strategies, including privileged access management, zero trust architectures, multifactor authentications, and continuous monitoring.