Coinbase says that customers’ personal information, including government-issued IDs, was stolen in a data breach. The hackers demanded $20 million from the company, CEO Brian Armstrong said in a post on X. Coinbase said it will not pay the hackers’ ransom.
Coinbase said it expects to incur costs of around $180 million to $400 million relating to incident remediation and customer reimbursements.
This is nothing new. With the growing wealth of investments into cryptocurrencies, more threats are looming. I for one keep some of my investments on Coinbase and will be moving it away to a hard wallet for safer keeping.
I think it is important for anyone investing in coins or tokens to make sure they are as secure as possible. Relying on crypto exchange markets to store all your investments is proving to be more and more of a risk.
I think in general it is okay to use coinbase when you are moving money around, planning on spending it, or whatever but if you have big investments you do not intend on spending or moving, then absolutely a hard wallet is best.
@johnnywiz Yeah I agree. I think for anyone that is just sitting on an investment, you do not want it in a virtual wallet of any kind as there will always be some level of risk in doing that.
Coinbase is still safe and this can happen to any platform. I think as long as your assets are protected, you will be okay. They have a protection policy for a monthly fee that will cover up to 10k worth of investments if anything happens.