According to American crypto exchange, Coinbase Global, a hacker has bribed its contractors or employees working outside the US to get hold of confidential customer info. The hacker is now demanding $20 million in ransom. Such a security breach has probably never happened in the crypto trading space before.
The hacker had reportedly bribed certain customer-support employees to copy customer data including names, addresses, government identity pictures and so on. The hacker probably planned to use this data to pose as a Coinbase representative and get users to share or give away their crypto, even while getting the exchange to pay a ransom for a coverup.
Earlier this week, a hacker had sent a mail to Coinbase revealing that they were in possession of sensitive customer data. They demanded $20 million in Bitcoin in exchange for making the fact public. This was shared by Brian Armstrong, CEO, Coinbase on social media.
The platform does not intend to pay the ransom but it is reported that the breach is likely to cost Coinbase up to $400 million to set straight.
Hardly one per cent of Coinbase’s monthly users were impacted as per the exchange. While the platform is improving its security for the affected users, it has also assured full reimbursement to those who may have faced any monetary loss.
The exchange is ready to pay a reward of $20 million to anyone with any information that will help nab the hacker.
