Coinbase, the world’s third-largest cryptocurrency exchange, was hit by a $20 million extortion attempt after cybercriminals recruited overseas support agents to leak user data, the company said.According to a May 15 blog post, Coinbase said a group of external actors bribed and coordinated with a small number of customer support contractors to access internal systems and steal limited user account data.“These insiders abused their access to customer support systems to steal the account data for a small subset of customers,” Coinbase stated, adding that no passwords, private keys, funds or Coinbase Prime accounts were affected.Less than 1% of Coinbase’s monthly transacting users’ data was affected by the attack, the company said.Source: CoinbaseAfter stealing the data, the attackers attempted to extort $20 million from Coinbase in exchange for not disclosing the breach. Coinbase refused the demand.Related: Ukraine strategic Bitcoin reserve bill reportedly in final stagesInstead, the company announced it is offering a $20 million reward for information leading to the arrest and conviction of those responsible for the scheme.Scammers often masquerade as the most recognized brands to inspire a fake sense of trust in their victims.US brands impersonated by scammers the most. Source: MailsuiteIn 2024, Coinbase was the most impersonated cryptocurrency brand by scammers.This is a developing story, and further information will be added as it becomes available.Related: Top South Korean presidential hopefuls support legalizing Bitcoin ETFs
