{"id":3472,"date":"2025-05-15T15:46:57","date_gmt":"2025-05-15T15:46:57","guid":{"rendered":"https:\/\/260web.com\/news\/leading-crypto-firm-coinbase-faces-up-to-400m-hit-from-cyber-attack\/"},"modified":"2025-05-15T15:46:57","modified_gmt":"2025-05-15T15:46:57","slug":"leading-crypto-firm-coinbase-faces-up-to-400m-hit-from-cyber-attack","status":"publish","type":"post","link":"https:\/\/260web.com\/news\/leading-crypto-firm-coinbase-faces-up-to-400m-hit-from-cyber-attack\/","title":{"rendered":"Leading crypto firm Coinbase faces up to $400m hit from cyber attack"},"content":{"rendered":"<p>Leading crypto firm Coinbase faces up to $400m hit from cyber attack<\/p>\n<div data-component=\"byline-block\" class=\"sc-3b6b161a-0 dEGcKf\">\n<div data-testid=\"byline-new\" class=\"sc-801dd632-0 eSlECZ\">\n<div class=\"sc-801dd632-1 eeJXtz\"><time datetime=\"2025-05-15T15:19:08.691Z\" class=\"sc-801dd632-2 IvNnh\">12 minutes ago<\/time><\/div>\n<div data-testid=\"byline-new-contributors\" class=\"sc-801dd632-12 jSIeFi\">\n<div class=\"sc-801dd632-5 kRoBHa\">\n<div><span class=\"sc-801dd632-7 lasLGY\">Tom Gerken<\/span><\/p>\n<p><span>Technology reporter<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<figure>\n<div data-component=\"image-block\" class=\"sc-3b6b161a-0 kVRMhO\">\n<div data-testid=\"hero-image\" class=\"sc-4abb68ca-1 eOgpjw\"><img decoding=\"async\" src=\"https:\/\/260web.com\/news\/wp-content\/uploads\/2025\/05\/8cyRW3.png\" class=\"sc-4abb68ca-0 itgEAh hide-when-no-script\"><img decoding=\"async\" sizes=\"(min-width: 1280px) 50vw, (min-width: 1008px) 66vw, 96vw\" srcset=\"https:\/\/ichef.bbci.co.uk\/news\/240\/cpsprodpb\/269d\/live\/65349750-319c-11f0-8f9b-a7ae9ae77703.jpg.webp 240w, https:\/\/ichef.bbci.co.uk\/news\/320\/cpsprodpb\/269d\/live\/65349750-319c-11f0-8f9b-a7ae9ae77703.jpg.webp 320w, https:\/\/ichef.bbci.co.uk\/news\/480\/cpsprodpb\/269d\/live\/65349750-319c-11f0-8f9b-a7ae9ae77703.jpg.webp 480w, https:\/\/ichef.bbci.co.uk\/news\/640\/cpsprodpb\/269d\/live\/65349750-319c-11f0-8f9b-a7ae9ae77703.jpg.webp 640w, https:\/\/ichef.bbci.co.uk\/news\/800\/cpsprodpb\/269d\/live\/65349750-319c-11f0-8f9b-a7ae9ae77703.jpg.webp 800w, https:\/\/ichef.bbci.co.uk\/news\/1024\/cpsprodpb\/269d\/live\/65349750-319c-11f0-8f9b-a7ae9ae77703.jpg.webp 1024w, https:\/\/ichef.bbci.co.uk\/news\/1536\/cpsprodpb\/269d\/live\/65349750-319c-11f0-8f9b-a7ae9ae77703.jpg.webp 1536w\" src=\"https:\/\/ichef.bbci.co.uk\/news\/480\/cpsprodpb\/269d\/live\/65349750-319c-11f0-8f9b-a7ae9ae77703.jpg.webp\" loading=\"eager\" alt=\"Getty Images Coinbase app logo on a phone\" class=\"sc-4abb68ca-0 ldLcJe\"><span class=\"sc-4abb68ca-2 kkAKIJ\">Getty Images<\/span><\/div>\n<\/div>\n<\/figure>\n<div data-component=\"text-block\" class=\"sc-3b6b161a-0 dEGcKf\" readability=\"23.520684736091\">\n<p class=\"sc-9a00e533-0 hxuGS\">One of the world&#8217;s biggest cryptocurrency firms, Coinbase, says a recent cyber attack will cost it up to $400m (\u00a3301m).<\/p>\n<p class=\"sc-9a00e533-0 hxuGS\">The firm said it was contacted by hackers who claimed to have gained access to customer information, obtained by making payments to Coinbase contractors and employees.<\/p>\n<p class=\"sc-9a00e533-0 hxuGS\">In a blog post, Coinbase said the criminals had gained access to &#8220;less than 1%&#8221; of its customer data, which they then used to impersonate the firm and trick people into handing over their crypto.<\/p>\n<p class=\"sc-9a00e533-0 hxuGS\">The group then demanded $20m from Coinbase to keep it quiet &#8211; but it refused to pay the bribe and instead promised to pay back every person who got scammed.<\/p>\n<p class=\"sc-9a00e533-0 hxuGS\">The disclosure prompted the firm&#8217;s share price to fall by 4.1%.<\/p>\n<\/div>\n<div data-component=\"text-block\" class=\"sc-3b6b161a-0 dEGcKf\" readability=\"26\">\n<p class=\"sc-9a00e533-0 hxuGS\">The cyber attack comes days before the US company is set to join the benchmark S&amp;P 500 index &#8211; a landmark moment for the crypto industry.<\/p>\n<p class=\"sc-9a00e533-0 hxuGS\">It also reflects how, as it grows, the industry has increasingly become a target for cyber criminals.<\/p>\n<p class=\"sc-9a00e533-0 hxuGS\">A report from research firm Chainanalysis suggests funds stolen from crypto businesses totalled $2.2bn in 2024.<\/p>\n<p class=\"sc-9a00e533-0 hxuGS\">&#8220;Security remains a challenge for the crypto industry despite its growing mainstream acceptance,&#8221; said Nick Jones, founder of crypto firm Zumo.<\/p>\n<p class=\"sc-9a00e533-0 hxuGS\">&#8220;As our nascent industry grows rapidly, it draws the eye of bad actors, who are becoming increasingly sophisticated in the scope of their attacks.&#8221;<\/p>\n<\/div>\n<p><h2 class=\"sc-f98b1ad2-0 eOFjmw\">&#8216;Harshest penalties&#8217;<\/h2>\n<\/p>\n<div data-component=\"text-block\" class=\"sc-3b6b161a-0 dEGcKf\" readability=\"28.81221719457\">\n<p class=\"sc-9a00e533-0 hxuGS\">The company says it received an email from an &#8220;unknown threat actor&#8221; on May 11.<\/p>\n<p class=\"sc-9a00e533-0 hxuGS\">&#8220;We will reimburse customers who were tricked into sending funds to the attacker,&#8221; it said in its statement.<\/p>\n<p class=\"sc-9a00e533-0 hxuGS\">&#8220;We&#8217;re cooperating closely with law enforcement to pursue the harshest penalties possible and will not pay the $20 million ransom demand we received. <\/p>\n<p class=\"sc-9a00e533-0 hxuGS\">&#8220;Instead we are establishing a $20 million reward fund for information leading to the arrest and conviction of the criminals responsible for this attack.&#8221;<\/p>\n<p class=\"sc-9a00e533-0 hxuGS\">In a filing with the US Securities and Exchanges Commission, it estimated costs between $180m and $400m.<\/p>\n<p class=\"sc-9a00e533-0 hxuGS\">It said this figure came from &#8220;remediation costs and voluntary customer reimbursements&#8221;, however this figure could change as a result of &#8220;potential losses, indemnification claims, and potential recoveries&#8221;.<\/p>\n<p class=\"sc-9a00e533-0 hxuGS\">The staff members who shared customer information with the hackers have been fired.<\/p>\n<\/div>\n<div data-component=\"text-block\" class=\"sc-3b6b161a-0 dEGcKf\" readability=\"26\">\n<p class=\"sc-9a00e533-0 hxuGS\">Coinbase told its customers to expect further attempts from scammers in the future, and advised them to be vigilant.<\/p>\n<p class=\"sc-9a00e533-0 hxuGS\">&#8220;Coinbase will never ask for your password, 2FA codes, or for you to transfer assets to a specific or new address, account, vault or wallet,&#8221; it said. <\/p>\n<p class=\"sc-9a00e533-0 hxuGS\">And it warned customers they should lock their accounts if they are suspicious.<\/p>\n<p class=\"sc-9a00e533-0 hxuGS\">&#8220;To the customers affected, we&#8217;re sorry for the worry and inconvenience this incident caused,&#8221; it said. <\/p>\n<p class=\"sc-9a00e533-0 hxuGS\">&#8220;We&#8217;ll keep owning issues when they arise.&#8221;<\/p>\n<\/div>\n<figure>\n<div data-component=\"image-block\" class=\"sc-3b6b161a-0 dFZIgd\">\n<div data-testid=\"image\" class=\"sc-4abb68ca-1 eOgpjw\"><img decoding=\"async\" src=\"https:\/\/260web.com\/news\/wp-content\/uploads\/2025\/05\/8cyRW3.png\" class=\"sc-4abb68ca-0 itgEAh hide-when-no-script\"><img decoding=\"async\" sizes=\"(min-width: 1280px) 50vw, (min-width: 1008px) 66vw, 96vw\" srcset=\"https:\/\/ichef.bbci.co.uk\/news\/240\/cpsprodpb\/41d3\/live\/348b21e0-26a8-11f0-8f57-b7237f6a66e6.png.webp 240w, https:\/\/ichef.bbci.co.uk\/news\/320\/cpsprodpb\/41d3\/live\/348b21e0-26a8-11f0-8f57-b7237f6a66e6.png.webp 320w, https:\/\/ichef.bbci.co.uk\/news\/480\/cpsprodpb\/41d3\/live\/348b21e0-26a8-11f0-8f57-b7237f6a66e6.png.webp 480w, https:\/\/ichef.bbci.co.uk\/news\/640\/cpsprodpb\/41d3\/live\/348b21e0-26a8-11f0-8f57-b7237f6a66e6.png.webp 640w, https:\/\/ichef.bbci.co.uk\/news\/800\/cpsprodpb\/41d3\/live\/348b21e0-26a8-11f0-8f57-b7237f6a66e6.png.webp 800w, https:\/\/ichef.bbci.co.uk\/news\/1024\/cpsprodpb\/41d3\/live\/348b21e0-26a8-11f0-8f57-b7237f6a66e6.png.webp 1024w, https:\/\/ichef.bbci.co.uk\/news\/1536\/cpsprodpb\/41d3\/live\/348b21e0-26a8-11f0-8f57-b7237f6a66e6.png.webp 1536w\" src=\"https:\/\/ichef.bbci.co.uk\/news\/480\/cpsprodpb\/41d3\/live\/348b21e0-26a8-11f0-8f57-b7237f6a66e6.png.webp\" loading=\"lazy\" alt=\"A green promotional banner with black squares and rectangles forming pixels, moving in from the right. The text says: \u201cTech Decoded: The world\u2019s biggest tech news in your inbox every Monday.\u201d\" class=\"sc-4abb68ca-0 ldLcJe\"><\/div>\n<\/div>\n<\/figure>\n<p>Published at Thu, 15 May 2025 15:19:08 +0000<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Leading crypto firm Coinbase faces up to $400m hit from cyber attack 12 minutes ago Tom Gerken Technology reporter Getty Images One of the world&#8217;s biggest cryptocurrency firms, Coinbase, says a recent cyber attack will cost it up to $400m (\u00a3301m). The firm said it was contacted by hackers who claimed to have gained access&hellip; <a class=\"more-link\" href=\"https:\/\/260web.com\/news\/leading-crypto-firm-coinbase-faces-up-to-400m-hit-from-cyber-attack\/\">Continue reading <span class=\"screen-reader-text\">Leading crypto firm Coinbase faces up to $400m hit from cyber attack<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":3473,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[5],"tags":[],"class_list":["post-3472","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-technology","entry"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/260web.com\/news\/wp-json\/wp\/v2\/posts\/3472","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/260web.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/260web.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/260web.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/260web.com\/news\/wp-json\/wp\/v2\/comments?post=3472"}],"version-history":[{"count":0,"href":"https:\/\/260web.com\/news\/wp-json\/wp\/v2\/posts\/3472\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/260web.com\/news\/wp-json\/wp\/v2\/media\/3473"}],"wp:attachment":[{"href":"https:\/\/260web.com\/news\/wp-json\/wp\/v2\/media?parent=3472"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/260web.com\/news\/wp-json\/wp\/v2\/categories?post=3472"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/260web.com\/news\/wp-json\/wp\/v2\/tags?post=3472"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}