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New York Post
96 days

Crypto firm Coinbase says hackers stole customer info by bribing employees, demanded $20M ransom payment

1. Coinbase suffers a data breach involving customer information. 2. Criminals demand $20 million ransom not to release the data. 3. CEO Armstrong states incidents stem from bribed customer service agents. 4. Estimated remediation costs range from $180 million to $400 million. 5. Coinbase refuses to pay ransom, offers bounty for information on attackers.

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FAQ

Why Bearish?

The breach could harm customer trust, impacting trading volumes. Historical data breaches in financial firms have often led to stock price dips.

How important is it?

The incident raises significant concerns about security, which can affect customer retention and growth.

Why Short Term?

Immediate erosion of trust among users may lead to short-term financial harm. Remediation costs and potential lawsuits could have quick financial repercussions.

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