The Global Chief of Police at TRM Labs, a blockchain analytic company that helps law enforcement to investigate crypto fraud, shared that he believes that Coinbase’s handling of the latest hack is a “really good example for other companies in terms of how to handle” handling of exchange of exchanges.
On a panel in Consensus 2025, Ari Redbord discussed how easy it is for hacks to happen on crypto exchanges as the industry is “the perfect storm of weak cyber controls, and ultimately it is a good measure.”
Coinbase shared earlier on Thursday that some of its staff had become the cutlery to steal their customers’ data, and its founder Brian Armstrong had received a Ransome Note for $ 20 million dollars in Bitcoin.
The team shared in a blog post that, due to the violation, it could pay up to $ 400 million in remedy costs to affected customers and that they created a $ 20 million bounty on all information related to attackers instead.
The news is coming as the industry has experienced other major hacks, such as Bybit, which was hacked earlier this year for $ 1.5 billion, and closed Crypto Exchange FTX in November 2022 for $ 400 million.
Although these episodes appear to happen often, Redbord believes that more legislative commitment can relieve some of these issues. “There is a lot we can do with governments to go for these bad actors who have nothing to do with crypto or blockchain intelligence,” he said. “We have cyber facilities.”
Read more: Coinbase could pay customers up to $ 400 million. For data violation
