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Indian Police Arrests Former Coinbase Employee, First Arrest in Internal Data Breach Case
BlockBeats News, December 29th, Indian police arrested a former Coinbase customer service employee in Hyderabad for his alleged involvement in the internal data breach incident disclosed by Coinbase in May this year, marking the first known arrest in the case. The news was confirmed by Coinbase CEO Brian Armstrong.
The incident dates back to December 2024, with investigations revealing that cybercriminals bribed overseas customer service personnel to gain internal system access, stealing sensitive information from 69,461 users, including names, addresses, phone numbers, emails, and government-issued ID documents.
Coinbase stated that the attackers had attempted a $20 million ransom, which the company refused to pay. Instead, Coinbase established a reward program of an equal amount to track down and apprehend those involved. In its Q2 earnings report, Coinbase disclosed that the incident had resulted in $307 million in expenses, covering user compensation, legal fees, and security upgrade costs.
Furthermore, Coinbase is currently facing a shareholder class-action lawsuit, accusing it of failing to timely disclose the incident, thereby misleading investors. Coinbase has stated that it will continue to cooperate with international law enforcement investigations, hinting at possible further arrest actions in the future.
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