{"id":27080,"date":"2025-05-16T05:47:54","date_gmt":"2025-05-16T05:47:54","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=27080"},"modified":"2025-05-16T05:47:54","modified_gmt":"2025-05-16T05:47:54","slug":"coinbase-hacked-up-to-400m-at-risk-after-insider-scam","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=27080","title":{"rendered":"Coinbase Hacked: Up to $400M at Risk After Insider Scam"},"content":{"rendered":"<div>\n<p><span data-preserver-spaces=\"true\">Coinbase, one of the biggest names in crypto, is dealing with a serious mess. A recent cyber attack targeted the company\u2019s internal systems through a mix of deception and insider manipulation. The Coinbase hack wasn\u2019t just another phishing attempt. It involved insiders, stolen data, and a potential $400 million fallout. Now, the fallout could cost the exchange anywhere from <a class=\"general-link\" href=\"https:\/\/www.bbc.co.uk\/news\/articles\/c80k5plpx8do\" target=\"_blank\" rel=\"nofollow noopener nofollow\">$180 million to $400 million<\/a>, and that\u2019s before we even get into reputational damage.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">The Attack Started With a Single Email<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">It all began on May 11, when Coinbase received an email from someone claiming they had stolen customer data. But this wasn\u2019t your usual phishing scam. According to the company, the attackers paid off a handful of contractors and employees to get access to internal tools and information. From there, they used that access to impersonate Coinbase staff and trick users into handing over their crypto.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">BREAKING <img decoding=\"async\" src=\"https:\/\/s.w.org\/images\/core\/emoji\/15.1.0\/72x72\/1f6a8.png\" alt=\"\ud83d\udea8\" class=\"wp-smiley\" style=\"height: 1em; max-height: 1em;\"> NEWS : COINBASE HACK \u2013 issue is KYC. The more we KYC the more at risk the user is. <a href=\"https:\/\/t.co\/SN2eQKjQWI\" target=\"_blank\" rel=\"nofollow\">pic.twitter.com\/SN2eQKjQWI<\/a><\/p>\n<p>\u2014 Jason Ai. Williams (@GoingParabolic) <a href=\"https:\/\/twitter.com\/GoingParabolic\/status\/1922992027345543210?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"nofollow\">May 15, 2025<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span data-preserver-spaces=\"true\">Only a small portion of users, less than 1 percent, were impacted. But considering Coinbase has millions of customers, even that small group could add up to a big financial hit.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">A $20 Million Ransom Request? Declined.<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Once the attackers had what they wanted, they came back with a demand. They asked Coinbase to pay $20 million to keep the stolen data from being released. Coinbase didn\u2019t flinch. The company refused to pay and went public with the incident instead.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">The CEO of Coinbase has rejected a $20M ransom demand<\/p>\n<p>He then placed a $20M reward to find the cyber-criminals behind it <a href=\"https:\/\/t.co\/LeVp3sTxk7\" target=\"_blank\" rel=\"nofollow\">pic.twitter.com\/LeVp3sTxk7<\/a><\/p>\n<p>\u2014 Dexerto (@Dexerto) <a href=\"https:\/\/twitter.com\/Dexerto\/status\/1923055807614030017?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"nofollow\">May 15, 2025<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span data-preserver-spaces=\"true\">They\u2019ve promised to reimburse affected customers and have already taken disciplinary action internally. Any employees who helped leak customer information have been let go. And to take things a step further, Coinbase has set up a $20 million reward fund for anyone who can help bring the attackers to justice.<\/span><\/p>\n<p><strong>DISCOVER: <a class=\"general-link\" href=\"https:\/\/99bitcoins.com\/cryptocurrency\/crypto-presales\/\" target=\"_blank\" rel=\"noopener\">The 12+ Hottest Crypto Presales to Buy Right Now<\/a><\/strong><\/p>\n<h2><span data-preserver-spaces=\"true\">How Much Could This Cost?<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">In a filing to U.S. regulators, Coinbase estimated the damage could range between $180 million and $400 million. That number includes the cost of fixing the breach, reimbursing users, and any legal fallout that might follow. It could go up or down depending on what happens next, especially if any funds are recovered or more losses are uncovered.<\/span><\/p>\n<p><strong><\/p>\n<div class=\"chart crypto-chart-instance\" id=\"crypto_chart_6826a5f175226\" data-coin-id=\"eth-ethereum\">\n<div class=\"chart__header\">\n<div class=\"chart__info\">\n<div class=\"chart__info-icon\">\n                <img id=\"crypto_chart_6826a5f175226-chart__info-icon-img\">\n            <\/div>\n<div class=\"chart__info-name\" id=\"crypto_chart_6826a5f175226-chart__info-name\">&#8211;<\/div>\n<div class=\"chart__info-label\">Price<\/div>\n<div class=\"chart__info-label\">Market Cap<\/div>\n<div class=\"chart__info-value\" id=\"crypto_chart_6826a5f175226-chart__info-symbol\">&#8211;<\/div>\n<div class=\"chart__info-value\" id=\"crypto_chart_6826a5f175226-chart__info-price\">&#8211;<\/div>\n<div class=\"chart__info-value\" id=\"crypto_chart_6826a5f175226-chart__info-marketcap\">&#8211;<\/div>\n<\/p><\/div>\n<div class=\"chart__controls\">\n<div class=\"chart__controls-group\">\n                <button class=\"chart__button chart__button--24h\" id=\"crypto_chart_6826a5f175226-btn-24h\">24h<\/button><br \/>\n                <button class=\"chart__button chart__button--7d\" id=\"crypto_chart_6826a5f175226-btn-7d\">7d<\/button><br \/>\n                <button class=\"chart__button chart__button--30d\" id=\"crypto_chart_6826a5f175226-btn-30d\">30d<\/button><br \/>\n                <button class=\"chart__button chart__button--1y\" id=\"crypto_chart_6826a5f175226-btn-1y\">1y<\/button><br \/>\n                <button class=\"chart__button chart__button--all-time\" id=\"crypto_chart_6826a5f175226-btn-all-time\">All Time<\/button>\n            <\/div>\n<div class=\"chart__controls-group\">\n                <button class=\"chart__button chart__button--logarithmic\" id=\"crypto_chart_6826a5f175226-btn-log\">Log<\/button>\n            <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"chart__container\">\n        <canvas class=\"chart__canvas\" id=\"crypto_chart_6826a5f175226-cryptoChart\"><\/canvas>\n    <\/div>\n<\/div>\n<p><\/strong><\/p>\n<p><span data-preserver-spaces=\"true\">Investors didn\u2019t take the news lightly. Coinbase stock dropped just over 4 percent after the story went public.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">This Isn\u2019t Just a Coinbase Problem<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">The crypto space has had a rough time with security lately. According to data from Chainalysis, hackers made off with more than <a class=\"general-link\" href=\"https:\/\/www.chainalysis.com\/blog\/crypto-hacking-stolen-funds-2025\/\" target=\"_blank\" rel=\"nofollow noopener nofollow\">$2 billion in stolen funds in 2024<\/a> alone. And as the industry grows, so do the targets. It\u2019s no surprise that attackers are getting more creative and going after bigger fish.<\/span><\/p>\n<figure id=\"attachment_238711\" aria-describedby=\"caption-attachment-238711\" style=\"width: 1920px\" class=\"wp-caption aligncenter\"><img fetchpriority=\"high\" decoding=\"async\" class=\"size-full wp-image-238711\" src=\"https:\/\/99bitcoins.com\/wp-content\/uploads\/2025\/05\/2-billion-in-stolen-crypto-funds-in-2024-alone.png\" alt=\"\" width=\"1920\" height=\"1248\" srcset=\"https:\/\/99bitcoins.com\/wp-content\/uploads\/2025\/05\/2-billion-in-stolen-crypto-funds-in-2024-alone.png 1920w, https:\/\/99bitcoins.com\/wp-content\/uploads\/2025\/05\/2-billion-in-stolen-crypto-funds-in-2024-alone-300x195.png 300w, https:\/\/99bitcoins.com\/wp-content\/uploads\/2025\/05\/2-billion-in-stolen-crypto-funds-in-2024-alone-1024x666.png 1024w, https:\/\/99bitcoins.com\/wp-content\/uploads\/2025\/05\/2-billion-in-stolen-crypto-funds-in-2024-alone-768x499.png 768w, https:\/\/99bitcoins.com\/wp-content\/uploads\/2025\/05\/2-billion-in-stolen-crypto-funds-in-2024-alone-1536x998.png 1536w, https:\/\/99bitcoins.com\/wp-content\/uploads\/2025\/05\/2-billion-in-stolen-crypto-funds-in-2024-alone-50x33.png 50w, https:\/\/99bitcoins.com\/wp-content\/uploads\/2025\/05\/2-billion-in-stolen-crypto-funds-in-2024-alone-308x200.png 308w, https:\/\/99bitcoins.com\/wp-content\/uploads\/2025\/05\/2-billion-in-stolen-crypto-funds-in-2024-alone-350x228.png 350w\" sizes=\"(max-width: 1920px) 100vw, 1920px\"><figcaption id=\"caption-attachment-238711\" class=\"wp-caption-text\">Source: Chainalysis<\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">This isn\u2019t the first time a major platform has faced an insider threat or phishing scheme. But Coinbase\u2019s situation shows how complex and costly these attacks are becoming, even for well-established companies.<\/span><\/p>\n<p><strong>DISCOVER: <a class=\"general-link\" href=\"https:\/\/99bitcoins.com\/cryptocurrency\/next-1000x-crypto\/\" target=\"_blank\" rel=\"noopener\">Next 1000X Crypto: 10+ Crypto Tokens That Can Hit 1000x in 2025\u00a0<\/a><\/strong><\/p>\n<h2><span data-preserver-spaces=\"true\">What Coinbase Users Should Know<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Coinbase is urging users to stay alert. The company is reminding everyone that it will never ask for passwords, two-factor codes, or requests to send crypto somewhere else. If something feels off, users are advised to lock their accounts and report it immediately.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Coinbase Hack: A Harsh Lesson for the Industry<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">With the Coinbase hack, we\u2019re seeing how even the biggest crypto platforms can be vulnerable from the inside out. This is a clear sign that crypto platforms, no matter how big, need to stay sharp. And for users, it\u2019s another reason to be extra cautious. In a space where trust can be fragile, one breach like this can ripple far beyond the people directly involved.<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">DISCOVER:\u00a0<\/span><a class=\"general-link\" href=\"https:\/\/99bitcoins.com\/cryptocurrency\/next-crypto-to-explode\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">20+ Next Crypto to Explode in 2025\u00a0<\/span><\/a><\/strong><\/p>\n<p><strong><a class=\"general-link\" href=\"https:\/\/discord.gg\/B7Uk6agkqj\" target=\"_blank\" rel=\"nofollow noopener nofollow\"><span data-preserver-spaces=\"true\">Join The 99Bitcoins News Discord Here For The Latest Market Updates<\/span><\/a><\/strong><\/p>\n<div class=\"nnbtc-key-takeaways\">\n<h3 class=\"nnbtc-key-takeaways__title\">Key Takeaways<\/h3>\n<ul class=\"nnbtc-key-takeaways__list\">\n<li class=\"nnbtc-key-takeaways__list-item\">\n        Coinbase is facing losses between $180 million and $400 million after a targeted insider-driven cyber attack compromised its internal systems.    <\/li>\n<li class=\"nnbtc-key-takeaways__list-item\">\n        Attackers allegedly bribed contractors and employees to gain internal access, then impersonated Coinbase staff to trick users into handing over crypto.    <\/li>\n<li class=\"nnbtc-key-takeaways__list-item\">\n        Coinbase refused to pay a $20 million ransom and has instead gone public, promising to reimburse affected users and investigate the breach.    <\/li>\n<li class=\"nnbtc-key-takeaways__list-item\">\n        The company has fired insiders involved in the scam and launched a $20 million bounty fund to track down those responsible for the attack.    <\/li>\n<li class=\"nnbtc-key-takeaways__list-item\">\n        The hack highlights growing cybersecurity threats across the crypto industry, where even top-tier platforms are vulnerable to insider manipulation.    <\/li>\n<\/ul><\/div>\n<p>The post <a href=\"https:\/\/99bitcoins.com\/news\/exchanges\/coinbase-hacked-up-to-400m-at-risk-after-insider-scam\/\">Coinbase Hacked: Up to $400M at Risk After Insider Scam<\/a> appeared first on <a href=\"https:\/\/99bitcoins.com\/\">99Bitcoins<\/a>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Coinbase, one of the biggest names in crypto, is dealing with a serious mess. A recent cyber attack targeted the company\u2019s internal systems through a mix of deception and insider manipulation. The Coinbase hack wasn\u2019t just another phishing attempt. It involved insiders, stolen data, and a potential $400 million fallout. Now, the fallout could cost [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-27080","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/27080","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=27080"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/27080\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=27080"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=27080"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=27080"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}