In a recent security breach, cryptocurrency exchange Coinbase was targeted by extortionists who demanded a $20 million ransom. The attackers threatened to expose sensitive user information unless the company paid up. However, Coinbase CEO Brian Armstrong swiftly rejected this demand, publicly announcing a counter-measure: a bounty reward of $20 million for any information leading to the arrest of the perpetrators. 💰. Coinbase also committed to bolstering its security protocols across all departments as a preventative measure. The attack’s source was discovered by internal investigation, revealing that hackers obtained customer data through targeting Coinbase’s overseas customer support representatives who were bribed into sharing sensitive user information like dates of birth and contact information. These individuals facilitated social engineering attacks, tricking users into handing over cryptocurrencies under false pretenses. 🤝 In light of this attack, Coinbase will reimburse any customers who lost cryptocurrency as a result. Additionally, the company is relocating some customer support centers in response to enhance security measures and prevent future incidents.