Coinbase data breach targets top names, including a PayPal Mafia figure and SequoiaCapital’s boss, raising fresh concerns over crypto account security
In the most recent Coinbase breach, Sequoia Capital Managing Partner Roelof Botha was one of the high-profile victims whose personal information was compromised.
According to a source who is knowledgeable about the situation, the breach against the largest U.S. cryptocurrency exchange targeted prominent executives.
The source, who preferred anonymity due to the confidential nature of the situation, stated that the stolen data included Botha’s phone number, address, and other sensitive account information associated with his Coinbase profile, as per the Bloomberg report.
Hackers corrupted Coinbase’s customer service personnel.
On Thursday, the cryptocurrency exchange disclosed that attackers had effectively bribed customer service representatives in India to obtain unauthorized access to client data.
According to reports, the information that was compromised encompassed names, birth dates, addresses, nationalities, government identification numbers, banking information, and account information.
The hackers attempted to extort $20 million from Coinbase in exchange for their silence following the breach, a demand that the company rejected. Coinbase officials detected suspicious activity from specific customer service representatives as early as January.
Botha is a member of the infamous PayPal Mafia, “a group of entrepreneurs and investors, including Peter Thiel and Elon Musk. Additionally, he has been associated with Sequoia Capital since 2003, when he invested early in companies such as Instagram and YouTube. In 2022, he was appointed as the firm’s senior steward.
According to an individual knowledgeable about the situation, security alerts were issued to certain Coinbase users last weekend, informing them that their information may have been improperly accessed.
The incident has underscored the increasing apprehensions regarding the security of cryptocurrency executives as the industry becomes more widely recognized and adopted.
COIN is up 9% to $266.4 at the time of publication despite the Coinbase breach. Despite the data security challenges, investors remain optimistic about the company’s long-term potential.
