Coinbase's $400 Million Data Breach: A Bribery Scandal?

Coinbase's Half-Billion Dollar Data Breach: A Case of Corporate Neglect? Coinbase, a major cryptocurrency exchange, recently announced a data breach resulting in a staggering $400 million loss. However, the details are far more shocking. The company revealed that the breach stemmed not from a sophisticated cyberattack, but from a simple bribery scheme involving their own employees. These employees were allegedly bribed to provide sensitive customer data, including names, addresses, email addresses, phone numbers, and even government IDs. One might ask, how could this happen? The lack of adequate compensation for Coinbase's workers could have played a role, leading them to be more susceptible to bribes. This incident serves as a cautionary tale about the need for better employee compensation and stronger data security protocols. The story highlights the vulnerability of even large corporations to internal threats and the significant financial and reputational consequences of such breaches. TheD3List, a podcast focusing on poor business decisions, aptly points out this failure by Coinbase.