A cyberattack threatens a cryptocurrency exchange with a $400 million loss

Coinbase, the cryptocurrency exchange, announced in a regulatory filing that it expects financial losses of between $180 and $400 million as a result of a cyberattack targeting a limited number of its customer accounts.

The company confirmed that the attack was carried out by an unknown threat actor, who sent an email on May 11 claiming to possess information related to customer accounts and internal Coinbase documents. Although some data, such as names, addresses, and emails, was stolen, Coinbase confirmed that login credentials and passwords were not compromised, according to CNN.

However, Coinbase will be responsible for compensating customers who fell victim to fraud and directed money to the attackers. The company explained that the hackers exploited some contractors and employees in support centers outside the United States to gather information, and the services of those involved have been terminated. In a separate development, The New York Times revealed that the US Securities and Exchange Commission is currently investigating the accuracy of data related to Coinbase’s user numbers, examining whether the company misrepresented these figures.