COIN 8-K: Coinbase cyber incident: estimated $180M-$400M remediation costs

Coinbase cyber incident: estimated $180M-$400M remediation costs

Coinbase Global, Inc.

Threat actor paid multiple contractors/employees to collect customer data from internal systems; incident detected May 11, 2025.

Compromised data includes name, address, phone, email, masked SSN (last 4 digits), masked bank accounts, government ID images, account balances and transaction history.

No compromise of passwords, private keys, or customer funds; targeted personnel had no access to customer funds.

Preliminary estimated expenses of $180M to $400M for remediation and voluntary customer reimbursements.

Coinbase will reimburse eligible retail customers who sent funds to threat actor as direct result; cooperating with law enforcement.

Key facts

Extracted from this filing and checked against the source text.

Cybersecurity Incidents SEC 8-K Item 1.05 confidence 0.9

Coinbase Global, Inc. disclosed a cybersecurity incident: The threat actor obtained customer account information (name, address, phone, email, masked SSN, masked bank account numbers, government ID images, account data including balance snapshots and transaction history, and limited corporate data) by paying multiple contractors or employees in support rol. Impact: The company has not experienced material operational impacts as of the date hereof; full financial impact is still being assessed; preliminary estimated expenses $180 million to $400 million for remediation costs and voluntary customer reimbursements. Materiality is still being assessed. Discovered 2025-05-11.

Nature: The threat actor obtained customer account information (name, address, phone, email, masked SSN, masked bank account numbers, government ID images, account data including balance snapshots and transaction history, and limited corporate data) by paying multiple contractors or employees in support rol
Impact: The company has not experienced material operational impacts as of the date hereof; full financial impact is still being assessed; preliminary estimated expenses $180 million to $400 million for remediation costs and voluntary customer reimbursements.
Materiality: assessing
Discovery: 2025-05-11

Exact text from the filing

While Coinbase has not experienced material operational impacts from these events as of the date hereof, the full financial impact of the Incident on the Company is still in the process of being assessed.

View on SEC.gov