TechCrunch founder has a shocking warning about Coinbase data leak
Coinbase (Nasdaq: COIN), the largest crypto exchange in the U.S., suffered a data leak involving sensitive customer data on May 15.
The leaked data included names, birth dates, email addresses, and home addresses of a number of customers.
Though no passwords or private keys got exposed, the leak has raised concerns about the safety of Coinbase users. The latest to voice this concern is Michael Arrington, the founder of the tech-focused news website TechCrunch.
Arrington alarmingly claimed on X this data hack "will lead to people dying." The human cost of such an incident is much larger than the $400 million in reimbursement that Coinbase might pay to affected customers, he said. He added that for companies not adequately protecting customer information, executives should face prison time.
The TechCrunch founder also took aim at Coinbase for using "the cheapest option for customer service," the cost of which its customers will bear, he said. "Very disappointed in Coinbase right now."
While Arrington's words might sound harsh, his warning comes in the wake of several violent crimes targeting crypto industry leaders.
Note that the crypto wallet Ledger co-founder, David Balland, and his wife, Amandine Balland, were abducted from their Paris home in January. The kidnappers allegedly mutilated David's one finger to intimidate a Ledger executive into giving in to the ransom demand. The police, however, successfully rescued the couple. Several other such crimes have also taken place recently.
Even the financial costs of crypto crimes are enormous. Chainalysis reported on Jan. 15 that illicit actors received $40.9 billion in crypto in 2024, though the total amount may inch closer to $51 billion.
Arrington called on both governments and corporations to step up to stop such incidents.
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