A current submitting with Maine’s legal professional basic sheds new mild on Coinbase’s knowledge breach, claiming that just about 70,000 users had been impacted and that the incident went unnoticed for almost six months.
Based on the filing submitted by authorized agency Latham and Watkins LLP, 69,461 Coinbase users had been compromised by the breach, 217 of whom are residents of the US state of Maine.
The doc additionally signifies the breach occurred on Dec. 26, 2024, however was solely found on Might 11, 2025 — almost six months following the cybersecurity incident.
Coinbase now faces a flurry of lawsuits from affected purchasers, who argue that the alternate didn’t notify victims of the safety breach in a well timed method. The assault brought on $400 million in losses via social engineering scams and remediation prices, Coinbase has mentioned.
Cointelegraph contacted Coinbase for remark, however had not obtained a response at time of publication.
The information breach sparked debate in regards to the ethics of Know Your Buyer (KYC) knowledge assortment, which some argue provides dangers to crypto holders. The incident additionally displays the rising variety of cybersecurity incidents plaguing the business.
Associated: Coinbase faces lawsuit over alleged breaches of Illinois biometric privacy law
The Coinbase knowledge breach sends shockwaves via the crypto world
Coinbase turned the goal of a ransom try after scammers satisfied a number of Coinbase customer support representatives to hand over limited user information, together with consumer names, contact data, and bodily addresses.
The scammers then tried to extort the corporate into paying a ransom of $20 million in alternate for not leaking the information. Nonetheless, Coinbase refused to barter with the risk actors.
The crypto alternate fired the contractors who collaborated with the scammers at hand over the person knowledge and likewise promised remediation or reimbursements for any impacted purchasers.
Regardless of the remediation efforts, shares of Coinbase slid by 7% following information of the information breach and the following extortion try.
Later experiences revealed that Roelof Botha, a associate at enterprise capital agency Sequoia Capital, was additionally a victim of the data leak, suggesting that the incident additionally impacted different people or entities tied to the VC agency.
America Division of Justice (DOJ) opened a probe into the leak; it hadn’t printed updates on the incident or the extortion try as of Might 21.
Business executives, buyers, and authorized consultants have warned that such knowledge leaks threaten the physical safety of crypto investors by making them the targets of extortion makes an attempt, kidnapping, and armed theft.
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Cointelegraph by Vince Quill Coinbase breach hit almost 70k users — Attorneys cointelegraph.com 2025-05-21 19:41:42
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