Coinbase says former agent arrested in India over exchange hack
Synopsis
Coinbase CEO Brian Armstrong said a former customer service agent was arrested in India for involvement in a major data breach. Hackers bribed support staff to access user data, sought a $20 million ransom, and the incident could cost Coinbase up to $400 million.
Coinbase Global Inc. Chief Executive Officer Brian Armstrong said that a former customer service agent for the largest US crypto exchange was arrested in India, months after hackers bribed customer service representatives to gain access to customer information.
In May, the company said hackers bribed contractors or employees outside the US to steal sensitive customer data and demanded a $20 million ransom, in one of the most high-profile security breaches of a crypto trading platform. At the time, San Francisco-based Coinbase estimated the incident could cost up to $400 million to remedy.
“We have zero tolerance for bad behavior and will continue to work with law enforcement to bring bad actors to justice. Thanks to the Hyderabad Police in India, an ex-Coinbase customer service agent was just arrested. Another one down and more still to come,” Brian Armstrong said on X.
Crypto TrackerTOP COINS (₹) Tether90 (-0.02%)BNB74,930 (-0.5%)XRP166 (-0.51%)Ethereum262,945 (-0.99%)Bitcoin7,850,865 (-1.39%)A spokesperson of Coinbase confirmed the arrest in India and added that the news follows the exchange’s recent work with the Brooklyn District Attorney’s Office, in which the prosecutors filed charges against a Brooklyn man who was accused of running “a long-running impersonation scheme targeting Coinbase customers.”
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View Details »Shares of Coinbase fell about 1.2% to $236.79 on Friday. The stock is down around 4.6% this year.
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