Coinbase Data Breach Investigation | Class Action Lawyers
The data breach lawyers at The Lyon Firm are investigating a reported data breach incident at Coinbase. The company has noted that no funds were stolen in the alleged hack but that personal information may have been compromised. Contact our data privacy attorneys if you believe your data may have been accessed and acquired in the incident. Free case reviews and consultations.
What Happened at Coinbase?
A data breach may have impacted a “small subset” of customers. Coinbase Global Inc. has over 100 million customers, which would make even a small breach quite sizable. In recent a blog post, the company said no funds were stolen, but personal customer information may have been leaked. The unauthorized bad actors may have gained access to customer names, addresses, phone numbers, email addresses and masked Social Security numbers (last four digits), masked bank account numbers, and government-ID images.
Coinbase said customer support employees may have been involved in the breach but has not said when the data theft occurred. The attackers later contacted the company and demanded a $20 million ransom. Coinbase refused the demand. In a filing with the United States Securities and Exchange Commission (SEC), Coinbase estimated that this incident could cost the company up to $400 million in expenses.
The company received an email from a threat actor on May 11, claiming to have information about customer accounts and internal documents. The company is still in the early days of this investigation and more details should emerge. It is expected that any impacted individuals should be alerted with a data breach notification letter.
The crypto industry seems to attract a fair number of bad actors and fraud and cybertheft are not uncommon. Knowing that they are a target of cybercrime, large crypto exchanges have a duty to protect their collected customer data with a strong IT security team to ensure personal data remains safe. Victims can contact an experienced attorney to discuss the legal options moving forward.