Coinbase, one of the largest US crypto exchanges, has been dealing with the repercussions of a major
cyberattack that could potentially cost the company up to
$400 million. This event has dragged down the stocks and created concerns among investors about the overall
cybersecurity of the crypto industry. The incident involved data theft from customers and the attackers further demanding a
$20 million ransom. This attack is being investigated by the
SEC and
DOJ.
In response, Coinbase is offering a
$20 million bounty for information leading to the arrest and conviction of the criminals behind the hack. Interestingly, Coinbase's recent attack has thrust the role of digital currency into new prominence, with discussions about digital currency featuring heavily in Trump's 'cyber summit'. In other news,
MicroStrategy's CEO, Michael Saylor, has called bitcoin the 'cyber Manhattan', suggesting it remains a good investment despite current cybersecurity challenges.
The implications of crypto-related cybercrime extend beyond Coinbase, The industry is now grappling with a new era of 'cyber warfare', with entities like Safe seeking to establish new development firms to attract institutions and tackle this.
Fraud and hacking are becoming more sophisticated in the crypto world, with cybercriminals continuously looking for vulnerabilities to exploit. To reduce these risks, companies like
Fireblocks are unveiling cybersecurity tools to help crypto operators meet Europe’s DORA rules. The increasing cyber threats have given rise to new areas of regulatory scrutiny, with the SEC announcing their new 'Cyber and Emerging Technologies Unit' to combat crypto fraud.
CYBER Coin News Analytics from Thu, 30 May 2024 20:26:53 GMT to Sun, 29 Jun 2025 22:10:35 GMT -
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- Innovation 0
- Information -6
- Rumor -2
