Coinbase Discloses Major Data Breach Affecting Over 69,000 Customers

In a concerning development for the cryptocurrency industry, Coinbase, one of the largest crypto exchanges, has revealed that a significant data breach has impacted at least 69,461 of its customers.

According to a filing with the Maine Attorney General's office, the breach dates back to December 26, 2024 and continued until earlier this month. During this months-long period, hackers were able to gain access to Coinbase customer data, including names, email and postal addresses, phone numbers, government-issued IDs, account balances, and transaction histories.

Coinbase has stated that the hackers were able to bribe customer support employees to obtain the sensitive customer information. The company also disclosed that it received a $20 million ransom demand from the hackers, which it refused to pay.

This breach is particularly alarming given the nature of the stolen data, which could potentially expose Coinbase's wealthier customers to targeted attacks or fraud. Coinbase has acknowledged this risk, stating that the breach "may have resulted in the exposure of certain customers' information to bad actors."

In response to the incident, Coinbase says it has taken steps to secure its systems, including locking down affected accounts, enhancing its authentication requirements, and implementing additional monitoring and security controls. The company is also offering complimentary credit monitoring and identity protection services to impacted customers.

The Coinbase data breach is a stark reminder of the ongoing cybersecurity challenges facing the cryptocurrency industry. As digital assets continue to grow in popularity and value, they have become an increasingly attractive target for sophisticated hackers. This incident underscores the need for crypto platforms to prioritize robust security measures and vigilance in protecting customer data.

Moving forward, Coinbase and other crypto companies will need to carefully examine their security practices and work to regain the trust of their user base. Transparency and proactive communication will be crucial as they navigate the fallout from this significant data breach.