Data Privacy
May 22, 2025
Coinbase faces lawsuits over $400M data breach, foreign workers blamed
Coinbase faces class actions after cybercriminals, bribing employees, accessed customer data, leading to a $20M ransom demand and up to $400M in damages, with SSNs stolen, prompting fraud concerns.
Cybercriminals gained access to customers' accounts by paying Coinbase employees directly, the latest putative class action against over a data breach at the company claims.
The hacking breach resulted in a $20 million ransom demand and the estimated economic impact could be up to $400 million, according to the complaint.
In a May 15 video, Coinbase CEO Brian Armstrong confirmed overseas employees were responsible for the breach but claimed they only had "limite...
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