The global TRM Labs policy manager, an analysis firm of blockchain who helps the police to investigate cryptographic fraud, shared that he thinks that the management of Coinbase of the last hack is a “very good example to other companies in terms of treatment” dealing with exchanges.
In a panel of the 2025 consensus, Ari Redbord discussed the ease of hacks on crypto exchanges, because the industry is “the perfect storm of weak cyber-controlles and, finally, it is a good target”.
Coinbase shared earlier Thursday that some of its employees had been united to steal their customers’ data, and its founder Brian Armstrong had received a randuated ticket for $ 20 million Bitcoin.
The team shared in a blog article that because of the violation, it could pay up to $ 400 million in repair costs for assigned customers and that they created a bonus of $ 20 million in all information related to attackers instead.
The news comes while industry has experienced other major hacks, such as Bybit, which was hacked earlier this year for $ 1.5 billion, and deceased Crypto Exchange FTX in November 2022 for $ 400 million.
Although these episodes seem to occur frequently, Redbord thinks that more regulatory involvement can mitigate some of these questions. “There are many things we can do with governments in order to continue these bad actors who have nothing to do with cryptographic or blockchain intelligence,” he said. “We have cyber-installations.”
Read more: Coinbase could pay customers up to $ 400 million for data violation
