Coinbase Data Breach Sparks Calls to Rethink KYC in Crypto Exchanges

A recent data breach involving Coinbase has reignited calls for a re-evaluation of Know Your Customer (KYC) requirements within the cryptocurrency industry. In December 2024, it was discovered that hackers had accessed personal information belonging to 70,000 users through bribery of overseas customer service agents. This incident comes after the exchange admitted in May that hackers obtained data like government-issued IDs and home addresses.