Overview
- Coinbase confirmed the Hyderabad arrest and CEO Brian Armstrong credited local police while signaling additional arrests could follow.
- Hackers in May bribed overseas contractors to access sensitive customer information, demanded a $20 million ransom, and were refused as Coinbase set a $20 million reward fund and pledged reimbursements.
- Company disclosures say exposed data included names, addresses, contact details, masked SSNs and bank numbers, government ID images, and account snapshots, but not login credentials, private keys, or direct access to funds.
- The investigation spans jurisdictions, with Coinbase working with U.S. authorities and Brooklyn prosecutors charging a separate impersonation scheme targeting the exchange’s customers.
- Coinbase estimates remediation costs could reach up to $400 million, and shares slipped about 1.2% to $236.79 on Friday, leaving the stock down roughly 4.6% year to date.