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Brian Armstrong confirmed a former Coinbase agent was arrested in India for data breach involvement
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Hackers bribed Coinbase contractors abroad to steal customer data and demanded a $20 million ransom
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Coinbase estimated the security breach could cost up to $400 million to resolve
Coinbase Global Inc. Chief Executive Officer Brian Armstrong said that a former customer service agent for the largest US crypto exchange was arrested in India, months after hackers bribed customer service representatives to gain access to customer information.
In May, the company said hackers bribed contractors or employees outside the US to steal sensitive customer data and demanded a $20 million ransom, in one of the most high-profile security breaches of a crypto trading platform. At the time, San Francisco-based Coinbase estimated the incident could cost up to $400 million to remedy.
A spokesperson of Coinbase confirmed the arrest in India and added that the news follows the exchange’s recent work with the Brooklyn District Attorney’s Office, in which the prosecutors filed charges against a Brooklyn man who was accused of running “a long-running impersonation scheme targeting Coinbase customers.”
Shares of Coinbase fell about 1.2% to $236.79 on Friday. The stock is down around 4.6% this year.
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