Overview
- Hyderabad Police arrested a former Coinbase customer service agent in India, a move announced by CEO Brian Armstrong and confirmed by the company.
- The May intrusion stemmed from attackers bribing support staff outside the United States to obtain customer data, followed by a $20 million extortion attempt.
- Coinbase previously rejected the ransom, pledged reimbursements to affected users, and established a $20 million reward fund for information leading to arrests and convictions.
- The company estimates remediation costs could reach up to $400 million, with ongoing security upgrades and tighter vetting of external contractors.
- Cooperation spans multiple jurisdictions, including recent charges by the Brooklyn District Attorney in a related impersonation scheme, and Coinbase signaled that further arrests may follow.