No. of Recommendations: 6
Maybe I'm naive, but I never considered my savings at risk disbursed between FDIC insured institutions.
I understand crypto is a thing, but like Warren Buffet, I just don't understand where the security buck stops for a currency trading system spread all across the internet world. My money is what? My money is where?
"A preliminary estimate of the cost for the incident is "approximately $180 million to $400 million," Coinbase said in a Thursday SEC filing. A spokesperson clarified that the cost is "mostly" for the bounty program and reimbursing affected customers.
The attackers gained control of customer information, including names, emails, physical addresses, phone numbers, and government identification details — including the last four digits of their Social Security numbers — along with some bank account identifiers and snapshots of customer balance data and transaction history.
None of Coinbase's institutional "Prime" customers were directly impacted. Neither was access to customer or company crypto wallets.
The incident is an unexpected security setback for Coinbase, which has recently been notching some wins as the crypto world finally gets some of the credibility it has been seeking for years."BBC: Crypto exchange Coinbase faces up to $400m hit from cyber attack|
"We're cooperating closely with law enforcement to pursue the harshest penalties possible and will not pay the $20 million ransom demand we received.
"Instead we are establishing a $20 million reward fund for information leading to the arrest and conviction of the criminals responsible for this attack."...if the attackers are 16 yr olds in lower slobovia, who's gonna pursue them? Pam Bondi? What if it's Baron von Trump?
A report from research firm Chainanalysis suggests funds stolen from crypto businesses totalled $2.2bn in 2024. 