A significant data breach at Coinbase, involving bribed customer service representatives and impacting 69,461 users, has triggered regulatory scrutiny. Financial losses from the incident, primarily stemming from social engineering scams, are estimated at $400 million. The company is currently facing criticism for its inadequate cybersecurity measures, which allowed employees to access sensitive user data for monetary gain. Coinbase Chief Security Officer Philip Martin confirmed that attackers targeted employees in India involved in business process outsourcing and support operations. He further stated that the breach primarily resulted in customer data being compromised, not direct asset theft. The incident has prompted regulatory investigations into Coinbase’s security measures and KYC data collection practices. The outcome of this event could significantly impact Coinbase’s operational strategies and influence how other crypto companies approach cybersecurity standards.