Coinbase Faces Major Data Breach, Employee Bribery Implicates Security Concerns

Coinbase recently acknowledged a data breach, revealing the bribery of employees and contractors in India as the cause. This incident led to unauthorized access of customer information, raising concerns about security protocols. The breach could result in financial losses between $180 million and $400 million for Coinbase, requiring substantial investment in enhanced security measures to prevent future incidents. Despite the data breach, Coinbase’s stock surged following the market reaction.