From Yahoo Finance: 2025-05-15 17:47:00

Coinbase Global’s shares dropped over 7% after a cyberattack compromised customer account data, potentially costing the company up to $400 million. Stolen information included names, addresses, phone numbers, and government ID images, but passwords and private keys were not affected. The online platform received a ransom demand for $20 million.

Hackers bribed overseas support agents to steal customer data, leading to social engineering attacks. Coinbase fired those involved and is cooperating with law enforcement. The crypto exchange has not paid the hackers and will reimburse affected customers. Estimated costs for remediation and reimbursements range from $180 million to $400 million.

Coinbase announced a $20 million reward for information on the cyberattack perpetrators. They are strengthening defenses and opening a new support hub in the U.S. The U.S. Securities and Exchange Commission is investigating Coinbase for potentially misstating its user numbers. Coinbase has not commented on the situation.

Read more: Coinbase estimates cyberattack could cost crypto exchange up to $400M