Crypto breaches have sadly become the norm. Every day, we hear of a new violation that can shake the foundations of the landscape. In a recent development, the third-largest crypto exchange just got targeted.
Coinbase is currently the third-largest cryptocurrency exchange in the world. However, the firm has been at the forefront of one of the biggest cyberattacks, which cost close to $20 million.
Another year, Another Breach!
According to reports, Coinbase was breached, and the hackers went straight for customer data. The total amount of customer data siphoned is still not clear. Even though the initial investigation data suggests that overseas agents were involved, speculations indicate that there can be insider involvement.
Coinbase’s social media handle said, “These insiders abused their access to customer support systems to steal the account data for a small subset of customers.” The company also stated that less than 1% of user data has been breached, and the company is on a tracking journey to find the culprits.
The latest report suggests that criminal elements accessed user data and held the company ransom. However, the exchange blatantly refused, and the plans of making easy money were thwarted.
