Source: Cointelegraph
Original: “Report claims Sequoia Capital executives are also victims of Coinbase data breach”

According to reports, at least one partner at Sequoia Capital has been affected by the recent Coinbase user data breach, indicating that data from other individuals at the venture capital firm may also have been compromised.

According to a Bloomberg report on May 16, personal information of Sequoia Capital managing partner Roelof Botha was stolen through his Coinbase account, as cybercriminals bribed support staff at the exchange to obtain user data. Although Botha has not publicly disclosed his net worth, it is estimated to be in the hundreds of millions of dollars.

Coinbase disclosed the data breach in a blog post on May 15, stating that some users were subjected to social engineering attacks after criminals obtained their personal account information. The company reported that the gang attempted to extort $20 million in exchange for not disclosing the breach, but Coinbase refused the demand.

While the extent of the breach remains unclear, another Bloomberg report noted that similar attacks have also targeted users of Kraken and Binance. Cointelegraph has reached out to representatives of both exchanges but has not received a response as of publication.

According to reports, Coinbase Chief Security Officer Philip Martin stated that the contract customer service agent at the center of the controversy was located in India and was terminated following the breach. The exchange has also filed documents with the U.S. Securities and Exchange Commission (SEC), estimating that it will pay between $180 million and $400 million for remediation and compensation to affected users.

Following the reports of the data breach and phishing attacks, the exchange's stock (COIN) fell more than 7% to $244. As of publication, the COIN stock price was $264.24.

Simultaneously with the reports related to the data breach, Coinbase CEO Brian Armstrong is in Washington, D.C., supporting cryptocurrency-related legislation currently under consideration by Congress. Senators are expected to vote on a stablecoin bill in the coming days, while House members are considering a draft bill on digital asset market structure.

Related: Coinbase faces lawsuit for allegedly violating Illinois biometric privacy law

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