Coinbase, one of the world’s leading cryptocurrency exchanges, has revealed that it may face a financial impact of up to $400 million following a recent cyberattack. In a regulatory filing submitted on Thursday, the company disclosed that a breach had compromised the data of a “small subset” of its customers, prompting a detailed internal investigation and coordination with law enforcement.
The incident came to light on May 11, when Coinbase received an email from an unidentified threat actor. The attacker claimed possession of internal documents and personal customer data, and demanded a $20 million ransom to prevent further disclosure. Coinbase has firmly refused to comply with the demand, emphasizing its policy against paying ransoms to cybercriminals.
According to the filing, the attackers accessed limited customer information, including names, physical addresses, and email addresses. However, the company confirmed that sensitive data such as login credentials and passwords were not compromised. “We’ve found no evidence that customer account credentials were stolen or accessed,” the company stated.
While the breach did not involve unauthorized access to wallets or internal systems, Coinbase admitted that some customers were deceived into sending funds directly to the attackers. The company has pledged to fully reimburse these victims to ensure trust and maintain the integrity of its platform.
The estimated financial impact from the attack ranges between $180 million and $400 million. This wide margin reflects the uncertainty surrounding the full scope of the breach and potential future costs, including reimbursements and security enhancements.
Coinbase is currently working with law enforcement agencies to trace the source of the breach and prevent further damage. The company also assured users that it is enhancing its cybersecurity measures in light of the attack.
The breach marks one of the most significant security incidents for the crypto exchange in recent years and raises concerns about data protection practices in the digital asset industry. As the investigation continues, Coinbase is urging users to remain vigilant and report any suspicious activity linked to their accounts.
