Zhixiong Pan
Zhixiong Pan|Nov 17, 2025 09:18
The Coinbase user data breach, which is expected to cause a loss of $400 million, actually has another story that was concealed for 120 days. In May of this year, Coinbase disclosed for the first time that user data had been leaked, claiming that overseas customer service contractors had been bribed. However, as early as January 7th, a tech guru Jonathan Clark had already encountered a "precision fraud" that exploited these leaked data. The scammer not only obtained his SSN and home address, but also reported the precise Bitcoin balance in his account to the decimal point. These types of details typically only exist within Coinbase's internal systems. Jonathan immediately realized that this was not an ordinary phishing attack, but most likely a data breach or abuse within Coinbase. He immediately compiled a detailed and rigorous technical report, including phone recordings, complete email analysis, and all specific data fields mastered by the attacker, and submitted it directly to the Coinbase security team. On that day, Coinbase replied, "The report is very detailed and we are investigating But when Jonathan further asked, 'How did the attacker know about my account balance?' Coinbase suddenly chose to remain completely silent. In the following weeks, his repeated inquiries went unanswered. It wasn't until about 120 days later that Coinbase released an announcement as hackers began demanding ransom of up to $20 million. The stolen data includes name, address, last four digits of SSN, government documents, account balance, and transaction records. It is precisely the information that the scammer accurately quoted to Jonathan during the January phone call. If Coinbase could have made the event public earlier, it may have reduced losses for more users. But they haven't taken action yet, are they worried that early disclosure will startle the snake? These mysteries require a clearer response from Coinbase. Details provided by Jonathan Clark: https://(jonathanclark.com)/posts/coinbase-breach-timeline.html
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