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Coinbase is reeling from an internal data breach that could cost up to $400 million, just days before it’s set to join the S&P 500 index. The company disclosed that external actors bribed ”contractors or employees” to gain access to internal systems and sensitive customer data. The attackers then attempted to extort $20 million from the exchange, threatening to leak the compromised information. Coinbase did not pay the ransom, and said less than 1% of its monthly transacting users’ data was affected by the attack. Coinbase has also fired the contractors involved in the breach. Coinbase said it will reimburse users who lost funds, a move expected to cost between $180 million and $400 million, according to a recent Securities and Exchange Commission (SEC) filing. Coinbase (COIN) shares plunged 7% to $244.44 on Thursday, amid growing concerns over the breach and a new SEC investigation into whether the firm misled investors ahead of its 2021 IPO. The exchan...

A US banker has admitted to committing fraud of $2.3 million over 15 years. The banker drained several customers’ ac count s and sent the money to herself and her family members. The 36-year-old Megan Lea Dougherty pleaded guilty to one count of bank fraud for stealing $2.393 million. The Data breach from the US bank was operational for a decade and a half before her crimes finally caught up. Also Read: US Dollar Gives a Major Blow To BRICS Nations’ Currencies Prosecutors say Dougherty began draining bank accounts from January 1, 2009, to October 17, 2023 at the Exchange Bank of Missouri. She targeted customers who knew her and trusted her and used it as their weakness. Dougherty started draining small amounts of money from their bank accounts to her account and employed multiple strategies to avoid detection. Data breaches in US banks are serious offenses that can lead to years in prison if they are found guilty. Also Read: BRICS Considers Payments in National Currencies US Ban...