Coinbase Breach May 2025 – CEO Puts $20 M Bounty on Hackers

Coinbase logo with cybersecurity breach overlay

Incident Overview

On May 15, 2025, Coinbase disclosed a significant data breach in which cybercriminals bribed overseas customer‐support agents to access internal systems. The attackers stole sensitive customer information and demanded a $20 million ransom in Bitcoin to prevent its public release.

Ransom Demand & Bounty

Rather than paying the ransom, CEO Brian Armstrong announced a $20 million bounty for information leading to the arrest and conviction of the perpetrators. “We will prosecute you and bring you to justice,” Armstrong stated, underscoring the company’s commitment to transparency and customer protection.

Data Compromised

  • Full names, addresses, phone numbers, and email addresses
  • Partial Social Security numbers and masked bank account numbers
  • Government ID images and detailed account activity records

Although no passwords or private keys were accessed, the stolen data has been used in social‐engineering scams, with fraudsters impersonating Coinbase support to trick users into transferring funds.

Company Response & Security Measures

  1. Terminated the involved employees and closed compromised support channels
  2. Launched a dedicated U.S. support hub to limit foreign‐agent access
  3. Cooperating with law enforcement and offering full reimbursement to defrauded users

Financial Impact

Coinbase estimates remediation costs and customer reimbursements could total between $180 million and $400 million.

Protective Recommendations

  • Verify all support communications via official Coinbase channels
  • Never share partial SSNs or ID images through unsolicited requests
  • Enable two-factor authentication (2FA) on all exchange accounts
  • Monitor account activity frequently and report anomalies immediately

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Further Reading

Full report on the breach: Business Insider: Coinbase hack report

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