Coinbase has announced it will reimburse customers up to $400 million following a significant data breach that compromised sensitive information. This breach involved attackers targeting customer support agents overseas and successfully convincing a small number of insiders to extract data related to less than 1% of the monthly users of Coinbase. The stolen data includes customer names, addresses, phone numbers, government IDs, and the last four digits of their Social Security numbers. The attackers aimed to use this information to impersonate Coinbase and deceive customers into relinquishing their cryptocurrency, while also attempting to extort the company for $20 million.
Coinbase, reporting around 9.7 million total users, indicated that the financial and operational costs of addressing this breach could range from $180 million to $400 million.
In other news, authorities have indicted an additional 12 individuals in connection with a colossal $263 million cryptocurrency heist. The defendants are accused of crimes including stealing cryptocurrency and laundering money through extravagant purchases such as luxury handbags, watches, and private jet rentals. Some even used shell companies to disguise their purchases of exotic cars valued at millions.
Moreover, former FBI Director James Comey sparked controversy over an Instagram post featuring seashells arranged in a particular pattern, which some interpreted as a violent threat against former President Donald Trump. This led the Department of Homeland Security and the Secret Service to investigate the post, resulting in Comey’s deletion of it and a denial of violent intent. Trump’s associates labeled the post a call to action for violence.
As cybersecurity concerns grow, tech companies are stepping up their efforts. Google recently announced enhancements to its Android Scam Detection tool, which leverages on-device AI to identify scam texts more effectively, aimed at protecting users from ongoing fraud risks.
