Coinbase, a prominent cryptocurrency platform, has been targeted by a series of cyberattacks that could cost up to $400 million. The mounting crisis includes data breaches, the theft of customer information, and an extortion demand of $20 million. Astonishingly, the unfolding drama did not deter the platform's successful debut on the S&P 500, though the share gains were dampened. Amidst these unfolding events, CoinDCX, another major player in the crypto market, denied rumors of a Coinbase buyout while also grappling with its own cyberattack, which led to a staggering $44 million loss. Yet the company reassured users that their funds were safe, and focused on its expansion in India. Meanwhile, the
US Department of Justice (DOJ) has launched an investigation into Coinbase's cyberattacks. A parallel storyline reveals a nation-state's involvement in crypto theft, with the US implementing sanctions on North Korean IT workers for their alleged role in numerous crypto heists. The heightened occurrence of cybercrime in the crypto realm has led to the creation of the US Securities and Exchange Commission's (SEC) Cyber and Emerging Technologies Unit. This development is seen as a proactive measure to combat crypto fraud and other emerging cyber threats. The DOJ is also offering $20 million as a bounty to aid in unmasking the culprits behind the Coinbase hack. CoinDCX, following a sizable cyberattack, froze $3 million in Tether (USDT). Phemex, another crypto platform, was victim to a suspected cyber attack with $69 million in losses. The alarming surge in cybercrime underscored by these instances has provided a new prominence to digital currency and a clear call for stronger cybersecurity strategies.
CYBER Coin News Analytics from Wed, 05 Jun 2024 07:00:00 GMT to Wed, 30 Jul 2025 15:06:03 GMT -
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