Coinbase Cyberattack: Estimated Costs Reach $400M, Security Concerns for Mainstream Crypto Growth

Coinbase faces a potential financial blow of up to $400 million after its recent cyberattack. Less than 1% of customer data was exposed in the incident, but scammers exploited the situation by impersonating Coinbase and tricking users into handing over cryptocurrency assets. The company declined to pay a ransom and instead offered a reward fund for tips leading to the arrest of those responsible. This event is particularly significant as it coincides with Coinbase’s pending inclusion in the S&P 500, highlighting both its burgeoning success and increased vulnerability to cybercrime.