Coinbase Hacker Taunts Investigator After $42.5M Crypto Swap
A recent data breach at Coinbase has taken a bizarre turn, with the hacker now taunting blockchain investigator ZachXBT after a significant cryptocurrency swap. The incident highlights ongoing security concerns and the increasing scrutiny of platforms like THORChain for their potential role in facilitating illicit transactions. This falls under the category of “Uncategorized” crypto news.
On-Chain Mockery
According to reports, the hacker, who previously compromised the data of at least 69,400 Coinbase users, used Ethereum transaction input data to send a mocking message to ZachXBT. The message included “L bozo” followed by a meme video. This act of defiance occurred after the attacker swapped approximately $42.5 million from Bitcoin (BTC) to Ether (ETH) via THORChain.
Details of the Hack and Subsequent Actions
- The initial data breach affected a large number of Coinbase users, exposing sensitive information.
- The hacker demanded a $20 million ransom in Bitcoin, which Coinbase refused. Instead, Coinbase offered a $20 million bounty for information leading to the hacker’s identification.
- Following the swap, the hacker continued to move funds, exchanging 8,697 ETH for 22 million Dai (DAI).
Lawsuits and Financial Impact
Coinbase is facing multiple lawsuits as a result of the data breach, with plaintiffs alleging inadequate security measures and mishandling of the incident. The company estimates the potential financial impact to be between $180 million and $400 million due to remediation costs and customer compensation.
THORChain’s Role and Controversy
The use of THORChain by the Coinbase hacker has brought increased attention to the platform’s role in facilitating potentially illicit transactions. In March, THORChain faced criticism after its swap volume surged following a major hack. Security firms have identified North Korea’s Lazarus Group as a possible user of THORChain to launder stolen funds.
The controversy deepened when a THORChain developer resigned after a vote to block transactions linked to Lazarus was overturned.
As reported by Cointelegraph, the incident underscores the ongoing challenges in securing cryptocurrency platforms and the need for robust measures to prevent data breaches and illicit activities.
Source: Cointelegraph
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