Regulatory updates

Coinbase Hacked

May 15, 2025

Coinbase disclosed a data breach where cybercriminals bribed overseas customer support agents to access sensitive user data. About 97,000 users were affected. The attackers demanded $20 million in ransom, which Coinbase refused, instead offering a $20 million reward for tips leading to arrests. Compromised data included names, contact info, government IDs, and account details. Coinbase fired the involved employees, boosted fraud protections, and committed to reimbursing defrauded users. The breach could cost the company up to $400 million.