How worried should Coinbase users be about the recently disclosed breach?
Coinbase said last week that user data for less than 1% of customers was swiped by hackers who then demanded a $20 million Bitcoin ransom for its safe return. Instead, Coinbase offered a $20 million bounty for information leading to arrests and convictions, tagged in the DOJ to help, and promised to reimburse any customers who are tricked into sending funds as a result of resulting phishing schemes.
But should users still be fearful? Amid recent rise in grisly, real-world attacks against crypto whales, TechCrunch and Arrington Capital founder Michael Arrington is speaking out, writing on social media that the Coinbase leak will “lead to people dying.”
Arrington, who called himself a “long-time investor in and champion of Coinbase,” added that “human cost, denominated in misery, is much larger” than the approximately $400 million that Coinbase expects to spend to reimburse users due to the hack. He added that he’s “very disappointed in Coinbase,” but also thinks that governments should rethink KYC regulations to avoid so much sensitive data being stored.
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“[Elizabeth Warren is] confusing politics with progress, and this time, it could cost America dearly… She’s calling stablecoin legislation a ‘Trump product.’ That’s not just wrong. It’s dangerous.”
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