By admin 
A current submitting with Maine’s legal professional basic sheds new mild on Coinbase’s knowledge breach, claiming that just about 70,000 customers had been impacted and that the incident went unnoticed for almost six months.
In accordance with the filing submitted by authorized agency Latham and Watkins LLP, 69,461Coinbase customers 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 change did not notify victims of the safety breach in a well timed method. The assault triggered $400 million in losses via social engineering scams and remediation prices, Coinbase has stated.
Cointelegraph contacted Coinbase for remark, however had not acquired a response at time of publication.
The information breach sparked debate concerning 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 trade.
Associated: Coinbase faces lawsuit over alleged breaches of Illinois biometric privacy law
The Coinbase knowledge breach sends shockwaves via the crypto world
Coinbase grew to become 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 info, and bodily addresses.
The scammers then tried to extort the corporate into paying a ransom of $20 million in change for not leaking the info. Nonetheless, Coinbase refused to barter with the menace actors.
The crypto change fired the contractors who collaborated with the scammers at hand over the consumer knowledge and in addition promised remediation or reimbursements for any impacted purchasers.
Regardless of the remediation efforts, shares of Coinbase slid by 7% following information of the info breach and the following extortion try.
Later experiences revealed that Roelof Botha, a companion 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.
The US 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.
Trade executives, traders, 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.
Journal: Pink Drainer creator defends his wallet-draining crypto scam kit