Coinbase CEO Says Company Won’t Pay Hackers’ | Global Market News
Coinbase CEO Brian Armstrong stated in a social media post Thursday that a ransom word arrived by way of e mail asking for $20 million in Bitcoin in exchange for not releasing data hackers had obtained on Coinbase’s clients.”I’m going to respond publicly,” Armstrong stated. “We are not going to pay ransom.”https://t.co/evpIBMFvRW pic.twitter.com/f6UPdkL5R0— Brian Armstrong (@brian_armstrong) May 15, 2025Armstrong stated attackers had discovered a “weak link” customer support agent outdoors the U.S. who accepted a “bribe” and gave away personal information on clients.In a company weblog post, Coinbase stated it would reimburse clients tricked into sending funds to the attacker. Hackers obtained entry to names, addresses, telephone numbers, and emails; masked Social Security numbers (final 4 digits solely); masked bank‑account numbers; and authorities‑ID photographs (driver’s licenses, passports). No passwords or non-public keys had been obtained, the company says. The e mail arrived on Sunday.
Related: Think You Can Hack Into Apple Intelligence Servers? Apple Is Paying Up to $1 Million If You Can.”(The stolen data) allows them to conduct social engineering attacks where they can call our customers impersonating Coinbase customer support and try to trick them into sending their funds to the attackers,” Armstrong stated.Per the AP, Coinbase estimated in a submitting with the SEC that it may finish up spending wherever between $180 million and $400 million “relating to remediation costs and voluntary customer reimbursements relating to this incident.”Meanwhile, the New York Times reviews that the SEC is individually investigating Coinbase over whether or not or not it reported inaccurate numbers during its IPO in 2021. The company claimed to have more than 100 million “verified users” in advertising supplies.
Coinbase’s stock dropped 7% on Thursday after the news, per Yahoo.Related: Over 10 Billion Passwords Have Been Exposed within the Largest Password Hack in History
Coinbase CEO Brian Armstrong stated in a social media post Thursday that a ransom word arrived by way of e mail asking for $20 million in Bitcoin in exchange for not releasing data hackers had obtained on Coinbase’s clients.”I’m going to respond publicly,” Armstrong stated. “We are not going to pay ransom.”https://t.co/evpIBMFvRW pic.twitter.com/f6UPdkL5R0— Brian Armstrong (@brian_armstrong) May 15, 2025
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