Coinbase reports cyber attack: millions of customer data compromised
A targeted attack on external employees led to a serious data leak in the US crypto tour Coinbase-in the middle of a sensitive phase for the company.
Coinbase has confirmed that cybercriminal access to millions of customers have obtained. Names, addresses and email addresses and transaction historia are affected. The attackers used social engineering methods and are said to have bribed external service providers in order to gain access to internal systems. The company estimates that the financial damage could be up to $ 400 million-a sum that Coinbase provides to compensate for affected users. This goes from a media release out. The incident occurred only days before the company's planned rise in the S&P 500 Index, which further increases the pressure on management.
Insider bribes, social engineering and targeted vulnerabilities
According to the stock exchange, the attack was made possible by external employees outside the United States, which passed on internal access data for payment. Coinbase reported that everyone involved has now been released. Particularly explosive: The attackers demanded a ransom of $ 20 million that Coinbase refused. Instead, the stock exchange itself wrote down a premium in the same amount for information that leads to the identification of the perpetrators.
The company is now working closely with US and international law enforcement authorities. In an official statement, Coinbase emphasized that all affected customers are informed and, if necessary, compensated-especially if further attacks such as phishing attempts should be made due to the stolen information.
Regulation in view: SEC looks closely
Coinbase is not only under observation because of the security incident. The US stock exchange supervision SEC is currently examining allegations that the company has made user figures or KYC inadequate. Coinbase rejects the allegations, but emphasizes his willingness to cooperate. Analysts see the attack as another argument that leading crypto platforms are under growing pressure, to build professional security architectures and internal control systems that are in no way inferior to traditional banks.
Kyc processes (Know Your Customer) Demand of stock exchanges and brokers the recording of sensitive personal data, which exposes users to potential data violations. After the incident, some data protection -compliant arguments that this increased the risk of individuals without preventing money laundering. Criminals often use false or stolen KYC identities, which undermines the effectiveness of these prevention. Ultimately, this could create more weaknesses than it prevents it, according to the argument. The fact that such incidents take place in crypto platforms instead of traditional brokers speaks more for weak security mechanisms in the industry.
