A recent filing with Maine’s attorney general revealed that nearly 70,000 Coinbase users were affected by a data breach which went undetected for nearly six months. The incident, which occurred on December 26, 2024, was only identified on May 11, 2025. Legal representatives from Latham and Watkins LLP reported that 69,461 users were compromised, including 217 from Maine. Coinbase is now facing lawsuits from affected clients who claim the exchange failed to promptly notify them about the breach. The incident resulted in an estimated loss of $400 million mainly due to social engineering scams and associated remediation costs. The breach involved scammers who managed to deceive customer service representatives into divulging sensitive user information, including names and contact details, leading to an extortion attempt for $20 million. Coinbase declined to negotiate with the extortionists and has since taken measures for remediation. This breach, alongside the growing number of cyber incidents, ignites discussions about the risks associated with data collection in the crypto sphere.

Source 🔗