Coinbase Chief Legal Officer Paul Grewal said the Securities and Exchange Commission intends to stop litigation against the cryptocurrency in its “final results.”
Coinbase Global’s shares fell more than 7% on Thursday after Crypto Exchange said a Cyber Attack Breached customer account data can cost the company up to $400 million.
Stolen account data affecting a “small subset of customers” includes names, addresses, phone numbers, emails and government ID images. The password and private key were not compromised, the company said Regulation submission Thursday.
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The online platform, which has over $328 billion in assets, received an email on May 11 from an unknown threat actor who claims to have customer account information and internal documents. The cybercriminals have requested a $20 million ransom in exchange for not sharing information publicly, the filing noted.
Stolen account data affecting a “small subset of customers” includes names, addresses, phone numbers, emails and government ID images. (Reuters/Dad Luvik/Illustration/File Photo)
Hackers paid Multiple contractors and employees supporting roles outside the US to obtain information. According to the company, Coinbase fired the people involved and referred them to law enforcement.
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“Cybercriminals have fed and recruited a group of Rogue overseas support agents to steal Coinbase customer data to promote social engineering attacks,” Coinbase wrote. Blog post Thursday. “These insiders abused access to our customer support system and stole account data due to a small subset of customers.”
In this picture, the Coinbase logo will appear on the iPhone screen in San Anselmo, California on June 6th, 2023. (Justin Sullivan/Getty Images)
Cryptocurrency exchange Refund customers who have not paid hackers and have been fooled to send funds to them. According to filing, Coinbase is associated with costs associated with repair costs and customer rebates and customer rebates ranging from $180 million to $400 million.
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“We are working closely with law enforcement to pursue the strictest possible penalties and will not pay the demand for the $20 million ransom we received,” Coinbase said.
Cryptocurrency representations Bitcoin, Ethereum and Dogecoin are placed on PC motherboards in this illustration taken on June 29, 2021. (Photo by Reuters/Dado ruvic/file photo/reuters)
Additionally, Coinbase offers a $20 million reward for information that leads to the arrest and conviction of those responsible for the attack. It also strengthens defense and opens a new support hub In the USaccording to the company.
The announcement of the cyberattack comes as the US Securities and Exchange Commission begins investigating whether Coinbase is incorrect in its users, To Reuters.
Coinbase and the SEC did not respond immediately to Fox Business’s request for comment.
