Coinbase CEO Brian Armstrong thanks Hyderabad Police for arresting former agent linked to $400 million cyber attack; shares online post

Brian Armstrong, co-founder and CEO of Coinbase, the largest US crypto exchange has shared a post thanking the Hyderabad Police for arresting an ex-Coinbase customer service agent allegedly involved in a $400 million cyberattack scheme. “We have zero tolerance for bad behavior and will continue to work with law enforcement to bring bad actors to justice,” Brian Armstrong writes, adding “Thanks to the Hyderabad Police in India, an ex-Coinbase customer service agent was just arrested.” “Another one down and more still to come,” he concluded his post.The crypto exchange was hit by a cyber attack earlier this year which breached account data of a “small subset” of its customers, the company then said. Coinbase then confirmed that a group of rogue overseas customer support agents, bribed by hackers, were involved in a targeted data breach aimed at extorting the company and deceiving customers. At the time, the company estimated that the attack could cost up to $400 million.A company spokesperson confirmed the latest arrest. According to a Bloomberg report, the company said it has filed charges against a man from Brooklyn accused of running a long-running impersonation scam that targeted Coinbase customers. The affected data included:Coinbase also said it expects to incur costs of apprximately $180 million to $400 million in incident remediation and customer reimbursements.