Coinbase, the biggest cryptocurrency exchange in the U.S., has endured a cyber attack that may cost up to
$400 million. The breach resulted from rogue employees who provided information to hackers enabling them to pursue customers with scams. The hackers backed up these threats by demanding a
$20 million ransom, which the company refused and subsequently posted a matching figure as a bounty on the heads of the hackers instead. In response to this incident,
SEC is investigating Coinbase as their stocks take a hit. Critiques have questioned the ability of the exchange to ensure
cybersecurity and
protecting digital assets. This incident is only a single episode in a larger pattern of
crypto thefts, frauds, and scams by individuals, groups, or even nation-states like North Korea. In light of increasing threats emerging technologies, SEC has formed a new Cyber Unit to emphasize and focus on
crypto enforcement. Companies like Coinbase and others are coming up with new strategies and tech like
AI-Driven Blockchain Trading Platforms to tackle these cybersecurity issues. Some critics argue that digital currencies like
Bitcoin indirectly fuel ransomware attacks due to the anonymity they provide to the hackers while at the same time, are also praised for resilience despite constant threats. Additionally, there's information suggesting that
Monero, another cryptocurrency, is increasingly becoming a popular choice of cybercriminals over Bitcoin.
CYBER Coin News Analytics from Fri, 22 Dec 2017 08:00:00 GMT to Thu, 10 Jul 2025 11:33:20 GMT -
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- Innovation 4
- Information 8
- Rumor -2
