elite crypto figures allegedly bribed and data illegally obtained - Coinbase breach implicates digital currency high rollers
Sneaky Hackers Bribe Coinbase Agents, Exposing Big-Shot Users' Secrets
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- *Cyber vultures bribed Coinbase reps, spilling the beans on Roelof Botha and more.
- Despite the leak, Coinbase stock leaped back 9% after a brief 7% tumble.
Coinbase Global Inc., America's most prominent cryptocurrency exchange, faces a storm of criticism after it revealed a major data leak that exposed vital private information of several high-profile customers.
Undercover crooks reportedly paid off overseas customer service agents, exploiting loopholes in Coinbase's fortified security net.
Roelof Botha, a Managing Partner at Sequoia Capital, is among the casualties, underscoring the severity of the mishap.
Sequoia Capital’s Secret secured by offshore Hackers?**
The hackers besieged Coinbase's assistance squad in a bribery scam, enabling them to bag sensitive user data.
Merely a day following Coinbase's confirmation of the leak, Bloomberg soared with the news that cybercriminals had accessed Botha's personal data.
Although Botha's exact net worth is a closely guarded secret, rumors point to his wealth reaching hundreds of millions.
The miscreants attempted to coerce Coinbase into shelling out $20 million to keep the leak under wraps, an offer that was curtly turned down.
Coinbase strikes back against Insider Perils
Post-leak, Coinbase spiritedly dismissed the customer service agents overseas linked to the incident, as told by Chief Security Officer Philip Martin.
The company also dropped a bombshell with the SEC, projecting that it would inject between $180 million and $400 million towards compensation and rectification efforts.
Threats lurking amid Industry Accolades
Just on the heels of Coinbase's anticipated entry into the S&P 500 index, a significant milestone for the crypto community, users started receiving alerts that their private info might have been pilfered.
In addition, Chainalysis recently grayed reports of hackers snatching $2.2 billion from crypto companies in 2024 alone. With the sector gaining traction, threats against crypto bigwigs have grown more menacing.
In countries like France, officials are scrambling to block incidents like kidnappings and cyber raids targeting crucial figures.
Stock skyrockets despite the turmoil
Although Coinbase's stock (COIN) initially plummeted more than 7% to $244 after the leak, investor confidence swiftly revived.
The stock soared to $266.46, marking a 9.01% climb, reflecting resilient trust in the company despite the significant security snafu.
- Despite the data leak incident, Coinbase Global Inc., the prominent cryptocurrency exchange in America, saw its stock leap back 9% after a brief 7% tumble.
- Hackers reportedly exploited loopholes in Coinbase's fortified security net by paying off overseas customer service agents, enabling them to bag sensitive user data.
- Among the casualties of the data leak is Roelof Botha, a Managing Partner at Sequoia Capital, highlighting the severity of the breach in the finance industry.
- Following the leak, Coinbase announced that it would inject between $180 million and $400 million towards compensation and rectification efforts, amidst growing threats against crypto bigwigs and the sector as a whole.
