Source: Cointelegraph
Original: “TechCrunch Founder: Coinbase Data Breach May Put Users at Physical Risk”
The recent data breach at cryptocurrency exchange Coinbase has raised serious concerns about user safety, as hackers obtained sensitive information including home addresses.
As the third-largest cryptocurrency exchange in the world, Coinbase has confirmed that less than 1% of its active monthly users were affected by this attack, which could lead to compensation costs of up to $400 million for the exchange, Cointelegraph reported on May 15.
However, according to Michael Arrington, founder of TechCrunch and Arrington Capital, the "cost to personal safety" for users resulting from this data breach may far exceed financial losses.
"I am extremely disappointed with Coinbase's current approach. Choosing the lowest-cost customer service option ultimately comes at a price," Arrington pointed out in a post on the X platform on May 20, further emphasizing: "It must be noted that this hack involving home addresses and account balances will lead to casualties, and this may have already happened."
Source: Michael Arrington
Although this incident did not leak passwords, private keys, or account funds, it has been reported that cybercriminals accessed internal systems by bribing overseas customer service contractors. This allowed them to steal user data, which could be used for social engineering scams or even physical extortion activities.
As the price of Bitcoin (BTC) surpasses $100,000, cryptocurrency wealth has become an increasingly attractive target for criminals. Experts warn that the leaked address data could put high-net-worth individuals at risk in real life.
On May 16, Cointelegraph reported six violent robbery cases targeting cryptocurrency investors, where criminals extorted digital assets through kidnapping or torture.
In a shocking case that occurred on May 4, the father of a French cryptocurrency entrepreneur was kidnapped in Paris. The kidnappers severed the victim's finger and sent a video to his son, demanding 5 million euros in cryptocurrency.
After being held captive for two days, the victim was successfully located and rescued by French police. According to CNN, five individuals were arrested in connection with the kidnapping.
According to Ronghui Gu, co-founder of CertiK Web3 security company, cryptocurrency exchanges need to adopt a "layered defense strategy" to prevent similar user data breaches.
"This can include privileged access management, zero-trust architecture, multi-factor authentication across internal systems, and continuous monitoring combined with behavioral analysis," Gu said in an interview with Cointelegraph, adding, "Preventive measures such as regular phishing simulation exercises, customized security training, and limiting third-party access to sensitive systems may help reduce these risks."
However, as attackers "increasingly target human vulnerabilities rather than technical vulnerabilities," Gu warned that crypto platforms will need to "rethink their security strategies" and remain vigilant against the growing threat of social engineering.
2024 Monthly Statistics of Incidents and Losses. Source: CertiK
According to CertiK, social engineering tactics, such as phishing scams, are the most severe security threat in 2024, leading to industry losses exceeding $1 billion across 296 incidents.
Related: South Korean presidential candidate frontrunner proposes launching a won stablecoin.
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