Coinbase Confirms Security Breach—Holds Firm Against Ransom Demands

Crypto giant Coinbase discloses a cybersecurity breach but draws a hard line against paying attackers. The exchange confirms unauthorized access to customer data, though funds remain secure thanks to cold storage protocols.

Market impact muted as Bitcoin holds $65K—traders shrug off yet another exchange hack. ’Not your keys, not your coins’ crowd already warming up their ’I told you so’ tweets.

Security experts praise Coinbase’s refusal to negotiate with hackers. ’Paying ransoms just funds the next attack,’ says Chainalysis analyst, while quietly calculating how much this will inflate their next consulting contract.

The breach comes as regulators circle—perfect timing for another round of ’protect the investors’ grandstanding from Gary Gensler’s SEC. Coinbase stock dips 3% in pre-market, because nothing says ’healthy market’ like penalizing the company that followed the rules.

Coinbase has revealed a security breach where attackers bribed overseas customer support agents to access user data through social engineering. The compromised information affected less than 1% of monthly users and included names, addresses, phone numbers, and limited account details. Importantly, no passwords, private keys, or user funds were accessed. The attackers demanded a $20 million ransom, which Coinbase firmly refused to pay. The exchange is now working to enhance internal security and prevent future insider threats.