⇘ CYBER Coin: Impact of Massive Crypto Exchange Cyber Attacks and Countermeasures
Coinbase , the largest U.S. crypto exchange, was hit by a cyberattack that is estimated to have cost the company approximately $400 million ....
According to multiple reports, Coinbase, a leading cryptocurrency exchange faces significant threats from cyberattacks. Revealing a $400 million loss from a cyberattack it suffered, the theft involved customer data stolen by bribed overseas employees. This has resulted to both the reputation and financial shock to the company as the cyberattack also involved a demand for a $20 million ransom.
The department of Justice has initiated scrutiny in light of Coinbase's significant cyber breach. About 70,000 of the users' data were compromised due to the insider phishing attack. The highly unfortunate incident occurred ahead of Coinbase's S&P 500 inclusion.
Meanwhile, Wall Street analysts are considering the attack and its SEC investigation as 'little more than noise'. The major incident has also been paired to another information revealing that cybersecurity seems to be a constant issue in the digital currency industry, such as the $263 million cyber fraud that saw a gang spend $4 million on nightclubs and cars. It was reported what North Korean hackers had made off with hundreds of millions from a $1.5 billion ByBit hack. But, in efforts to safeguard the industry, the SEC has also announced the formation of a 'Cyber and Emerging Technologies Unit' to combat cryptocurrency fraud.
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