A former Coinbase customer service agent has been arrested in India following a major security breach at the crypto exchange.
Coinbase CEO Brian Armstrong shared the news on X. He said the company has zero tolerance for misconduct and is working with law enforcement to hold those responsible accountable. Armstrong thanked the Hyderabad Police for the arrest and indicated more actions are expected.
The arrest relates to a May incident where hackers bribed employees and contractors outside the US to access sensitive customer information. The attackers then demanded a $20 million ransom. It was one of the largest security breaches to hit a cryptocurrency platform.
At the time, Coinbase estimated the cost to fix the breach could reach $400 million. The company, based in San Francisco, is continuing its efforts to recover from the incident and prevent future breaches.
