Coinbase Says Data Breach for 69,461 Users Occurred in December
Coinbase reported that 69,461 users were affected by a data breach discovered on May 11, stemming from an incident on December 26. The breach involved cyber criminals bribing customer support agents to access sensitive user information. Approximately 217 users from Maine were impacted. Coinbase indicated that less than 1% of its monthly transacting users were affected, potentially totaling up to 97,000 users. The breach could cost the company between $180 million and $400 million. An unknown threat actor demanded $20 million to prevent information release. Class action lawsuits are emerging, and regulatory filings have been the primary source of information regarding the breach. Coinbase modified its user agreement in April to limit users' ability to pursue class action lawsuits. Concerns about the human cost of the breach have been raised, with experts highlighting the varying obligations for disclosing breaches to shareholders versus customers.
