Coinbase Deflects $20 Million Ransom Demand After Data Breach

Coinbase, the world’s third-largest cryptocurrency exchange, was targeted by a cyber attack resulting in a $20 million ransom demand. Hackers infiltrated the platform’s support system, exploiting insider access to steal data from a small subset of customers. The compromised information involved account details, but Coinbase assures no sensitive data such as passwords, private keys, or funds were affected. The incident impacted less than 1% of Coinbase’s user base. In response, Coinbase has chosen not to pay the ransom, instead offering a $20 million reward for information leading to the perpetrators’ apprehension and legal consequences.