Source: Cointelegraph
Original: “Coinbase Refuses to Pay $20 Million Ransom After Customer Support Agent Data Breach”

The world's third-largest cryptocurrency exchange, Coinbase, has been targeted in a $20 million ransom attempt, with the company stating that cybercriminals recruited overseas support agents to leak user data.

According to a blog post on May 15, Coinbase reported that a group of external actors bribed and coordinated with a few customer support contractors to access internal systems and steal limited user account data.

Coinbase stated, “These insiders abused their access to the customer support system to steal a small portion of customer account data.” The company added that no passwords, private keys, funds, or Coinbase Prime accounts were affected.

The company indicated that the user data impacted by this attack is less than 1% of its monthly trading users.

After stealing the data, the attackers attempted to extort $20 million from Coinbase in exchange for not disclosing the breach. Coinbase rejected this demand.

Instead, the company announced it would offer a $20 million reward for information leading to the arrest and conviction of those responsible for the scheme.

Scammers often impersonate the most well-known brands to instill a false sense of trust among victims.

In 2024, Coinbase is the most impersonated cryptocurrency brand by scammers.

Related: NFT Founder Accused of Stealing Millions from Bitcoin (BTC) Project

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