A accomplice at certainly one of Silicon Valley’s most outstanding enterprise corporations has reportedly been caught within the fallout of Coinbase’s recent data breach, elevating considerations that different high-profile traders can also be in danger.
In accordance with a Might 16 report from Bloomberg, Roelof Botha, Managing Accomplice at Sequoia Capital, was among the many victims whose private info was compromised.
The breach, which focused Coinbase customers via a social engineering marketing campaign, allegedly stemmed from a bribery scheme involving customer support brokers contracted by the trade.
Botha Manages Property Price A whole bunch of Tens of millions
Whereas Botha’s private holdings stay undisclosed, he’s believed to handle belongings price tons of of hundreds of thousands.
Coinbase confirmed the incident in a Might 15 weblog publish, stating that cybercriminals had gained entry to buyer knowledge by exploiting inner assist techniques.
The attackers reportedly demanded a $20 million ransom, which Coinbase refused. The total scope of the breach stays unclear.
Safety groups at Kraken and Binance are additionally investigating comparable intrusion makes an attempt, Bloomberg reported, though neither trade has publicly confirmed publicity.
Philip Martin, Coinbase’s Chief Safety Officer, revealed that the compromised assist workers have been based mostly in India and have since been terminated.
The corporate has filed a disclosure with the U.S. Securities and Trade Fee, estimating remediation prices between $180 million and $400 million.
The breach hit Coinbase’s inventory laborious, with shares (COIN) dropping over 7% to $244 earlier than recovering barely to $264.24.
Coinbase suffered a large knowledge breach. However no, its techniques didn’t get hacked.
People did.
We unpack how bribery, social engineering, and KYC failures put Coinbase customers in danger, and why this retains taking place throughout crypto.
w/ @lopp, @jameswester and @Leishman.… pic.twitter.com/RmD7PgZJex
— Laura Shin (@laurashin) May 16, 2025
In the meantime, Coinbase CEO Brian Armstrong was seen in Washington, D.C., partaking with lawmakers as Congress debates two key items of crypto laws — one on stablecoins and one other on digital asset market construction.
The breach comes at a essential second for the crypto trade’s regulatory outlook and will affect legislative sentiment because the payments transfer towards a vote.
Coinbase Q1 Income Climbs, However Revenue Falls 94%
Coinbase reported mixed first-quarter results, with income rising 24% year-over-year to $2 billion, however falling in need of analyst expectations and down 10% from the earlier quarter.
Whereas transaction income grew to $1.26 billion, its subscription and companies division—overlaying staking and custodial choices—rose 37% to just about $700 million, reflecting rising diversification past buying and selling.
Regardless of the income uptick, web earnings plunged 94% to $66 million as the corporate marked down its crypto holdings amid market volatility.
Adjusted earnings stood at $526.6 million, or $1.94 per share, nonetheless beneath final yr’s determine of $2.53. Working bills surged 51% to $1.3 billion because of aggressive advertising and asset write-downs.
Coinbase’s earnings have been weighed down by unpredictable macroeconomic situations and fluctuations in digital asset costs.
Nevertheless, the corporate famous its second-highest ever month-to-month consumer depend, with CFO Alesia Haas highlighting elevated engagement throughout non-trading companies.
The publish Sequoia Partner Caught in Coinbase Data Breach, More VCs May Be Affected appeared first on Cryptonews.
Add comment