Recently Crypto Exchanges Coinbase fell victim to a large cyber attack, affecting not only the common users but also the executive of large venture capital firms. Coinbase Hack In this incident, the coinbase account of Roelof Botha, the managing partner of Sequoia Capital, also included the sensitive information related to cyber criminals. The incident has raised serious concerns about the global crypto security.
Information of Top Executive of Sequoia Capital Theft
According to Bloomberg report, private information related to the coinbase account of Roelof Botha, the managing partner of Sequoia Capital, was stolen when some cyber criminals received access by bribing the customer support agents of Coinbase. Botha’s net worth is not currently public, but it is estimated that he has millions of dollars assets. This attack indicates that information about other officials of high-profile firms like Sequoia may also be in danger.
Data Breech method and company’s response
Coinbase gave information about this breech in his blog post on 15 May. According to the company, criminals targeted the customer support agent through social engineering and then reached the account details of many users. According to the report, the hackers had demanded a ransom of $ 20 million from the company, which Coinbase flatly refused. The entire case was found to be involved in India -based customer service agents who were later dismissed. The company reported in SEC that the incident would cover a loss ranging from $ 180 million to $ 400 million.
Impact on shares and stir in American politics
The first crypto firm to join S&P 500 coinbase Following the news of this breech, the company’s shares (Coin) declined by 7%, which came to $ 244. However, the stock was priced at $ 264.24 at the time of the report. Meanwhile, Coinbase Coinbase Ceo Brian Armstrong Washington D.C. I was discussing crypto laws with Congress. The US Parliament is considering the stablecorn bill and the digital asset market structure bill, which can determine the future of the Crypto industry.
Conclusion
This breech of coinbase exposes the weakness of the security system of Crypto Exchanges, especially when it is targeting high-profile investors and acachautions. It is clear from this that not only technology, but the security of human resources is equally important. The incident also rang alarm bells on other exchanges such as kraken and binance, which have been forced to be cautious of such attacks. Firms associated with Crypto Market will have to take this warning seriously, so that the trust of the users remains.
