Binance, Kraken Intervene in Social Engineering Attacks Targeting Coinbase

Recent reports indicate that major cryptocurrency exchanges, including Coinbase, Binance, and Kraken, were targeted by social engineering attacks. While Binance and Kraken successfully thwarted these attempts using internal security measures, Coinbase suffered a significant financial loss of $400 million. 2024 has seen similar attacks aimed at these exchanges, emphasizing the growing need for robust cybersecurity protocols within the industry. Coinbase’s incident highlights existing vulnerabilities in their systems and calls into question potential regulatory changes related to cryptocurrency security.