Coinbase Data Breach Impacts Nearly 70,000 Users

A recently filed report with Maine’s Attorney General reveals a significant Coinbase data breach affecting almost 70,000 users. The incident, remaining undetected for six months, highlights serious security vulnerabilities within the cryptocurrency exchange.

According to the filing from Latham and Watkins LLP, the breach compromised data from 69,461 Coinbase accounts, with 217 belonging to Maine residents. The breach, occurring on December 26, 2024, went undiscovered until May 11, 2025, raising concerns about Coinbase’s security protocols and response times.

The delayed discovery led to a wave of lawsuits against Coinbase. Affected users claim the exchange failed to provide timely notification, resulting in significant financial losses due to subsequent social engineering scams and remediation costs, totaling an estimated $400 million. Coinbase has yet to provide official comment on this matter.

This incident reignited the debate surrounding KYC data collection and its associated risks for cryptocurrency users. The breach underscores the growing cybersecurity challenges in the cryptocurrency industry, prompting calls for stronger security measures and increased transparency from exchanges.

Further Reading: Coinbase Faces Lawsuit Over Biometric Privacy Law Breaches