Coinbase has announced a recent cyberattack resulting in the theft of funds from users. Cybercriminals, operating under false pretenses, exploited the breach to compromise user accounts. The cryptocurrency exchange has committed to reimbursing affected users, voluntarily taking responsibility for the financial losses incurred.
In a filing with the SEC, Coinbase estimates the cost of these reimbursements, or remediation expenses, to fall between $180 million and $400 million. However, the company cautioned that this figure is preliminary. A thorough review of the incident is underway, and the final amount required for remediation could either increase or decrease based on the findings of this investigation. This reflects the potential for a more widespread impact or the discovery of mitigating factors.
