Source: Cointelegraph
Original: “Lawyer Claims Coinbase Data Breach Affected Nearly 70,000 Users”
According to a recently submitted document to the Maine Attorney General, new disclosures regarding the Coinbase data breach indicate that nearly 70,000 users were affected, and the incident went undetected for nearly six months after it occurred.
Documents submitted by the law firm Latham and Watkins LLP reveal that 69,461 Coinbase users were impacted by this data breach, including 217 residents of Maine, USA.
The documents also show that the data breach occurred on December 26, 2024, but was not discovered until May 11, 2025—almost six months after the cybersecurity incident took place.
Coinbase is currently facing numerous lawsuits from affected customers who believe the exchange failed to promptly notify victims after the security breach. Coinbase stated that the attack resulted in a loss of $400 million due to social engineering scams and remediation costs.
Cointelegraph has reached out to Coinbase for comment but has not received a response as of the time of publication.
This data breach has sparked discussions about the ethics of "Know Your Customer" (KYC) data collection, with some arguing that it increases the risks for cryptocurrency holders. The incident also reflects the growing number of cybersecurity events within the industry.
Coinbase became a target of a ransom attempt, with scammers persuading several Coinbase customer service representatives to hand over limited user information, including customer names, contact details, and physical addresses.
Subsequently, the scammers attempted to extort the company for $20 million in ransom in exchange for not disclosing the data. However, Coinbase refused to negotiate with the threats.
The cryptocurrency exchange terminated the contractor who collaborated with the scammers to provide user data and promised to offer remediation or compensation to affected customers.
Despite the remedial measures taken, Coinbase's stock price fell by 7% following the news of the data breach and the subsequent ransom attempt.
Subsequent reports indicate that Roelof Botha, a partner at venture capital firm Sequoia Capital, was also a victim of the data breach, suggesting that the incident affected other individuals or entities associated with the venture capital firm.
The U.S. Department of Justice (DOJ) has launched an investigation into the breach; as of May 21, no updates regarding the incident or ransom attempt have been released.
Industry executives, investors, and legal experts have warned that such data breaches threaten the physical safety of cryptocurrency investors, making them targets for ransom attempts, kidnapping, and armed robbery.
Related: “Hawk Tuah Girl” Haliey Welch Claims FBI Investigated Her “Meme Coin Disaster”
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