Major cryptocurrency exchange, Coinbase, is warning of a possible hit of up to
$400 million resulting from a cyberattack. The details reveal that overseas employees, who were bribed, stole valuable customer data leading to a potential massive financial loss. Amid the turmoil, Coinbase has offered a
$20 million bounty to bring the cybercrime ring behind the attack to justice. Michael Saylor of MicroStrategy referred to Bitcoin as a 'cyber Manhattan', indicating its immense investment potential. An investigation regarding the cyberattack was also initiated by the
U.S Department of Justice. The repercussion of the cyberattack had the addition of negative impacts as confidential user data was stolen and Coinbase became a victim to a
$20 million extortion scam. The event put a hold on the company's shares. Recently,
SEC announced a new unit called the 'Cyber and Emerging Technologies Unit' directed at combating crypto fraud. Similar instances pertaining to cyber theft have also surfaced with North Korean hackers allegedly pulling off a $308M Bitcoin heist from crypto firm, DMM Bitcoin. Fireblocks, another crypto handler, has taken steps in ramping up its cyber security to adhere to Europe's DORA Rules. However, risks in the crypto space are still evident with cyberattacks, data breaches and thefts on the rise.
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