Coinbase has reported a cyber attack that could cost the firm up to $400 million, with hackers claiming access to customer information through payments made to employees. They compromised less than 1% of customer data, using it to impersonate Coinbase and scam victims. The firm declined to pay a $20 million ransom demand and instead plans to reimburse affected customers and establish a reward fund for information on the attackers. As the crypto industry grows, it becomes increasingly targeted by cyber criminals, underscoring the ongoing security challenges faced by the sector.
Security remains a challenge for the crypto industry despite its growing mainstream acceptance. As our nascent industry grows rapidly, it draws the eye of bad actors, who are becoming increasingly sophisticated in the scope of their attacks.
We will reimburse customers who were tricked into sending funds to the attacker. We're cooperating closely with law enforcement to pursue the harshest penalties possible and will not pay the $20 million ransom demand we received.
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