A latest submitting with Maine’s lawyer normal sheds new gentle on Coinbase’s information breach, claiming that almost 70,000 customers have been impacted and that the incident went unnoticed for almost six months.
Based on the submitting submitted by authorized agency Latham and Watkins LLP, 69,461Coinbase customers have been compromised by the breach, 217 of whom are residents of the US state of Maine.
The doc additionally signifies the breach occurred on Dec. 26, 2024, however was solely found on Could 11, 2025 — almost six months following the cybersecurity incident.
Coinbase now faces a flurry of lawsuits from affected purchasers, who argue that the alternate did not notify victims of the safety breach in a well timed method. The assault triggered $400 million in losses by means of social engineering scams and remediation prices, Coinbase has mentioned.
Cointelegraph contacted Coinbase for remark, however had not acquired a response at time of publication.
The info breach sparked debate concerning the ethics of Know Your Buyer (KYC) information assortment, which some argue provides dangers to crypto holders. The incident additionally displays the rising variety of cybersecurity incidents plaguing the trade.
Associated: Coinbase faces lawsuit over alleged breaches of Illinois biometric privateness legislation
The Coinbase information breach sends shockwaves by means of the crypto world
Coinbase turned the goal of a ransom try after scammers satisfied a number of Coinbase customer support representatives at hand over restricted consumer data, together with shopper names, contact data, and bodily addresses.
The scammers then tried to extort the corporate into paying a ransom of $20 million in alternate for not leaking the information. Nonetheless, Coinbase refused to barter with the risk actors.
The crypto alternate fired the contractors who collaborated with the scammers at hand over the consumer information and likewise promised remediation or reimbursements for any impacted purchasers.
Regardless of the remediation efforts, shares of Coinbase slid by 7% following information of the information breach and the following extortion try.
Later studies revealed that Roelof Botha, a associate at enterprise capital agency Sequoia Capital, was additionally a sufferer of the information leak, suggesting that the incident additionally impacted different people or entities tied to the VC agency.
The US Division of Justice (DOJ) opened a probe into the leak; it hadn’t printed updates on the incident or the extortion try as of Could 21.
Business executives, buyers, and authorized consultants have warned that such information leaks threaten the bodily security of crypto buyers by making them the targets of extortion makes an attempt, kidnapping, and armed theft.
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