In a filing with the Securities and Exchange Commission, Coinbase estimated that it would have to spend between $180 million to $400 million “relating to remediation costs and voluntary customer reimbursements relating to this incident.”
Coinbase has no plans to pay a ransom to attackers who threatened to release customer data if the company did not comply with their demands, the company disclosed in a new filing.
The company estimated that it would have to spend between $180 million to $400 million “relating to remediation costs and voluntary customer reimbursements relating to this incident.”
The SEC filing said that the company had, “in previous months,” detected some of its customer service agents “accessing data without business need.” Those employees had been fired, and the company said it stepped up its fraud prevention efforts.
Coinbase said it received an email from the attackers on Sunday demanding a ransom of $20 million worth of bitcoin not to publicly release the customer data they had stolen.
Armstrong said the company was refusing to pay the ransom and would instead offer a $20 million bounty for anyone who provided information that led to the attackers’ arrest.
“For these would-be extortionists or anyone seeking to harm Coinbase customers, know that we will prosecute you and bring you to justice,” Armstrong said. “And know you have my answer.”
This story originally appeared on Benzinga.com. Credit: Benzinga
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