Coinbase Faces $400M Cyberattack Fallout While Joining S&P 500
Coinbase Cyberattack Costs Up to $400M as S&P 500 Inclusion Marks Crypto Milestone.
Cyberattack Impact: Coinbase estimates $180-$400 million in remediation costs after hackers stole data from <1% of monthly transacting users, demanding a $20 million ransom. Extortion Response: The exchange refused to pay, offering a $20 million bounty for information leading to the attackers’ arrest. S&P 500 Inclusion: Coinbase’s stock surged 24% after replacing Discover Financial in the S&P 500, a historic step for decentralized finance (DeFi). Security Measures: Coinbase is opening a U.S.-based support hub and enhancing insider-threat detection to prevent future…
This Week In Crypto
This week in the crypto world, major events shook the industry. Coinbase Cyberattack saw Coinbase Faces $400M Cyberattack Fallout While Joining S&P 500 estimating $180-400M in losses from a data breach, even as the exchange joined the S&P 500. Ethereum’s Rally was driven by the Pectra Upgrade Fuels Ethereum’s 43.6% Weekly Rally, boosting DeFi with a 43.6% price surge. Meanwhile, Crypto Kidnapping shocked the community as Florida Teens’ Crypto Kidnapping and Stealing USD $4 million detailed three Florida teens kidnapping an investor and stealing $4M in crypto. These events highlight the volatile mix of innovation, opportunity, and risk in the crypto space.
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