News India Live, Digital Desk: Cyber Attack: The coinbase has taken an exciting step by retaliating the hackers. He has offered a reward of $ 20 million to the hackers. This reward will be given to the person giving such information to arrest and punish the attackers behind their recent data violations. The Crypto Exchange has confirmed that the violation is the result of the insider to be paid to forcibly leak the user information.
Instead of bowing to the demand for ransom, the coinbase is now adopting an aggressive stance. Company According to SEC filing According to, several support contractors outside the US were bribed to extract sensitive data from the internal system. The coinbase had earlier marked suspected data access and abolished the interiors involved. But now, the entire scope of violation is connected to the same campaign.
Coinbase data violation details and customer risk
The Coinbase said that the attackers received a lot of private data, but did not find a user password or private key. What was potentially exposed, it is as follows:
- Name, email address, phone numbers and addresses
- Last 4-Digits of Social Security Number
- Hidden details of bank account
- Pictures of government identity cards like driving license and passport
- Details of coinbase account like balance and transaction history
- Limited internal documents and training materials for support agents
Although the money of customers was never at risk, the attackers used this data to carry out the social engineering scam, causing some users to be cheated to send money. The coinbase has promised to reimburse the affected people after the details are confirmed in the investigation.
‘We will bring you to the dock of justice’
Coinbase CEO Brian Armstrong posted a video warning the attackers. Citing a 20 million dollar reward, he said, “Any person who forcibly recover or try to harm the customers of the coinbase should know that we will prosecute them and bring you to the dock of justice.”
Exchange is also investing heavily in detecting fraud, adding new US-based support operations and tightening access controls. Although the operation has not been affected, the coinbase hopes that the cost of cleaning will be between $ 180 million and $ 400 million anywhere.
Cost and impact so far:
| Area | Description |
|---|---|
| Offer reward | 20 million dollars |
| Estimated cost effect | $ 180m to $ 400m |
| Compromised data | Personal information, government ID, account data |
| employee involvement | Many outsourced contractors |
| CEO statement | “We will prosecute you and bring you to the dock of justice.” |
By 16 May, the coinbase shares had declined by more than 7 percent, but the company’s adventure violation could set a new example in disclosure.
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