Coinbase says former agent arrested in India over exchange hack

Coinbase Global Inc. Chief Executive Officer Brian Armstrong said that a former customer service agent for the largest US crypto exchange was arrested in India, months after hackers bribed customer service representatives to gain access to customer information.

In May, the company said hackers bribed contractors or employees outside the US to steal sensitive customer data and demanded a $20 million ransom, in one of the most high-profile security breaches of a crypto trading platform. At the time, San Francisco-based Coinbase estimated the incident could cost up to $400 million to remedy.

“We have zero tolerance for bad behavior and will continue to work with law enforcement to bring bad actors to justice. Thanks to the Hyderabad Police in India, an ex-Coinbase customer service agent was just arrested. Another one down and more still to come,” Brian Armstrong said on X.A spokesperson of Coinbase confirmed the arrest in India and added that the news follows the exchange’s recent work with the Brooklyn District Attorney’s Office, in which the prosecutors filed charges against a Brooklyn man who was accused of running “a long-running impersonation scheme targeting Coinbase customers.” Shares of Coinbase fell about 1.2% to $236.79 on Friday. The stock is down around 4.6% this year.