Close Menu
FintechFetch
    FintechFetch
    • Home
    • Fintech
    • Financial Technology
    • Credit Cards
    • Finance
    • Stock Market
    • More
      • Business Startups
      • Blockchain
      • Bitcoin News
      • Cryptocurrency
    FintechFetch
    Home»Blockchain»Coinbase Confirms DOJ Investigation Following Major Security Incident
    Blockchain

    Coinbase Confirms DOJ Investigation Following Major Security Incident

    FintechFetchBy FintechFetchMay 19, 2025No Comments2 Mins Read
    Share Facebook Twitter Pinterest LinkedIn Tumblr Reddit Telegram Email
    Share
    Facebook Twitter LinkedIn Pinterest Email


    The US Department of Justice (DOJ) has initiated an investigation into a significant security breach at Coinbase, the largest US-based cryptocurrency exchange. 

    According to sources familiar with the matter cited by Bloomberg, the DOJ’s criminal division in Washington is examining the circumstances surrounding the breach, which has raised serious concerns about cybersecurity within the crypto sector.

    Coinbase Collaborates With DOJ Amid Major Data Breach 

    Coinbase disclosed that the breach involved criminal actors bribing employees and contractors in India to gain access to sensitive client data. Paul Grewal, Chief Legal Officer of Coinbase, stated: 

    We have notified and are working with the DOJ and other US and international law enforcement agencies and welcome law enforcement’s pursuit of criminal charges against these bad actors.

    Importantly, the exchange’s CLO clarified that while Coinbase itself is not under investigation, the DOJ is focused on the criminals involved in the breach.

    The incident first came to light when Coinbase received an email from an unidentified threat actor on May 11, claiming to possess information about certain customer accounts alongside internal documents. The company anticipates losses ranging from $180 million to $400 million due to the cyberattack.

    $20 Million Reward Fund After Rejecting Ransom 

    While the attackers managed to steal some data, including names, addresses, and email addresses, the exchange confirmed that login credentials and passwords were not compromised. 

    In a statement on May 15, Coinbase reassured its users via social media platform X (formerly Twitter) that it would not succumb to the attackers’ demands. The criminals had requested a ransom of $20 million. 

    Instead of paying the ransom, Coinbase announced the establishment of a $20 million reward fund aimed at encouraging information leading to the arrest and conviction of those responsible for the attack.

    At the close of trading on Monday, the company’s stock (COIN) was trading at $263.

    Featured image from DALL-E, chart from TradingView.com 



    Source link

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Previous ArticleWio Bank Reveals Secret to Successful Collaboration With Customers at Dubai FinTech Summit
    Next Article 3 reasons why now’s a great time to start investing in the stock market
    FintechFetch
    • Website

    Related Posts

    Blockchain

    Bitcoin Crashes To $105,000, Sentiment Sinks Into Extreme Fear

    October 18, 2025
    Blockchain

    Analysts Caution Cardano (ADA) May Drop Further Before $1 Rebound After 12% Dip

    October 18, 2025
    Blockchain

    Loss Could Trigger $100K Retest

    October 18, 2025
    Add A Comment
    Leave A Reply Cancel Reply

    Top Posts

    Visby Management Presents Superior Offer to LCL Resources and Encourages Shareholders to Vote Against Tiger Gold Proposal

    May 16, 2025

    AI Startup Anthropic To Job Seekers: No AI on Applications

    February 5, 2025

    Europe’s First Bitcoin Treasury Company Raises $340M After $68M BTC Buy

    June 12, 2025

    Donald Trump Urges Israel to “Bring Pilots Home,” Crypto Markets Steady

    June 24, 2025

    How to learn to work with your new AI coworker

    February 17, 2025
    Categories
    • Bitcoin News
    • Blockchain
    • Business Startups
    • Credit Cards
    • Cryptocurrency
    • Finance
    • Financial Technology
    • Fintech
    • Stock Market
    Most Popular

    Where will the FTSE 100 begin 2026?

    August 29, 2025

    DBS Suffered Hours-Long Disruption on Saturday, First of 2025

    March 10, 2025

    Unlocking the Power of B2B Virtual Cards: Extend Announces Referral Agreement With Visa

    March 26, 2025
    Our Picks

    Bitcoin Crashes To $105,000, Sentiment Sinks Into Extreme Fear

    October 18, 2025

    What Happens to Card Schemes in a World Dominated by Account-to-Account Payments?: By Christoffer Hernæs

    October 18, 2025

    Banking with MrBeast?

    October 18, 2025
    Categories
    • Bitcoin News
    • Blockchain
    • Business Startups
    • Credit Cards
    • Cryptocurrency
    • Finance
    • Financial Technology
    • Fintech
    • Stock Market
    • Privacy Policy
    • Disclaimer
    • Terms and Conditions
    • About us
    • Contact us
    Copyright © 2024 Fintechfetch.comAll Rights Reserved.

    Type above and press Enter to search. Press Esc to cancel.