DOJ Launches Investigation Into Coinbase Data Breach
The post DOJ Launches Investigation Into Coinbase Data Breach appeared on BitcoinEthereumNews.com. DOJ investigates Coinbase data breach involving bribed employees and contractors. Hackers used social engineering, demanded $20 million ransom from Coinbase. Binance, Kraken stopped similar attacks with AI and quick response. The U.S. Department of Justice (DOJ) has launched an investigation into a recent data breach at Coinbase, one of the largest cryptocurrency exchanges in the world. Bloomberg reports that the department in charge of the probe is the criminal division of the DOJ, based in Washington, DC. Experts are working to determine what happened leading to the breach and who took part. Cybercriminals Bribed Coinbase Staff in Data Breach The company revealed that a group of cybercriminals was responsible for the breach. Reports say these attackers bribed certain employees and contractors in India in order to obtain personal information from the company’s customers. It is known as social engineering because it involves tricking people instead of attacking computer systems. Because of the attack, the criminals demanded a payment of $20 million from Coinbase. The criminals demanded money by threatening to make the data public. Since Coinbase declined payment, it is coping with the consequences. According to the company’s statement, it budgets between $180 million and $400 million for fixing the problem. They include items such as system repairs and money remitted to affected customers. Coinbase has, so far, been well protected against most problems when compared to other exchanges. Until now, Coinbase was one of the top crypto exchanges that had not been attacked by cybercriminals. However, it proves that even key players in the crypto world can be attacked. Additionally, similar attacks have targeted other major exchanges like Binance and Kraken. However, no customer data was stolen at Binance or Kraken because they halted the breaches before they could happen. They fought off the hacks using automated machine learning…
The post DOJ Launches Investigation Into Coinbase Data Breach appeared on BitcoinEthereumNews.com.
DOJ investigates Coinbase data breach involving bribed employees and contractors. Hackers used social engineering, demanded $20 million ransom from Coinbase. Binance, Kraken stopped similar attacks with AI and quick response. The U.S. Department of Justice (DOJ) has launched an investigation into a recent data breach at Coinbase, one of the largest cryptocurrency exchanges in the world. Bloomberg reports that the department in charge of the probe is the criminal division of the DOJ, based in Washington, DC. Experts are working to determine what happened leading to the breach and who took part. Cybercriminals Bribed Coinbase Staff in Data Breach The company revealed that a group of cybercriminals was responsible for the breach. Reports say these attackers bribed certain employees and contractors in India in order to obtain personal information from the company’s customers. It is known as social engineering because it involves tricking people instead of attacking computer systems. Because of the attack, the criminals demanded a payment of $20 million from Coinbase. The criminals demanded money by threatening to make the data public. Since Coinbase declined payment, it is coping with the consequences. According to the company’s statement, it budgets between $180 million and $400 million for fixing the problem. They include items such as system repairs and money remitted to affected customers. Coinbase has, so far, been well protected against most problems when compared to other exchanges. Until now, Coinbase was one of the top crypto exchanges that had not been attacked by cybercriminals. However, it proves that even key players in the crypto world can be attacked. Additionally, similar attacks have targeted other major exchanges like Binance and Kraken. However, no customer data was stolen at Binance or Kraken because they halted the breaches before they could happen. They fought off the hacks using automated machine learning…
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