Recently filing with Main’s Attorney General shed a new light on the data breech of the coinbase, claiming that around 70,000 users were affected and the incident was noticed for about six months.
As Admission Presented by the legal firms Latham and Watkins LLP, 69,461Coinbase users were compromised by Brech, 217 are residents of the US State of Main.
The document took place on December 26, 2024, but was discovered only on 11 May 2025, which took place about six months after the cyber security incident.
The coinbase now faces a hurry of cases from the affected customers, arguing that the exchange failed to inform victims of timely security violations. The Coinbase said the attack has caused a loss of $ 400 million through social engineering scams and therapeutic costs.
Cointelegraph contacted Coinbase for comment, but did not receive a response at the time of publication.
Data breech spark Discussion About the morality of your customer (KYC) data collection, which adds risk to some argument crypto holders. The incident also shows the increasing number of cyber security incidents that motivate the industry.
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The scammers became the goal of ransom attempt, after scammers assured many coinbase customer service representatives, including client names, contact information and physical addresses to hand over limited user information to customer service representatives.
The scammers then tried to give a ransom of $ 20 million to the company in exchange for not leaking the data. However, the Coinbase refused to interact with the danger actors.
The Crypto Exchange fired contractors who collaborated with scammers to hand over the user data and also promise remade or reimbursement for any affected client.
https://www.youtube.com/watch?v=T06MVWZ6NGM
Despite the therapeutic efforts, the coinbase’s share data slipped up to 7% after the news of breech and subsequent recovery attempts.
Later reports revealed that Rolloff Botha, a partner of Venture Capital firm Sikoia Capital, also hunted data leaks, suggesting that the incident also influenced other persons or institutions tied to the VC firm.
The United States Department of Justice (DoJ) opened an inquiry into the leak; It did not publish an update on the incident or forced recovery attempt till 21 May.
Industry officials, investors and legal experts have warned that such data leaks threatens the physical security of crypto investors, making them a target of forced recovery efforts, kidnapping and armed robbery.
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