Coinbase, a renowned cryptocurrency exchange, is offering a $20 million prize to anyone who can assist identify and bring down the culprits of a recent cyber-attack, rather than fulfilling their ransom demands.
On May 15, Coinbase said that attackers bribed and recruited a group of rogue offshore support agents to steal client data and carry out social engineering attacks. The attackers intended to exploit the stolen data to imitate Coinbase and trick users into turning up their cryptocurrency holdings.
The US crypto firm was asked to pay a $20 million ransom to end the scam. However, Coinbase has openly refused to pay the ransom. Instead, it is collaborating with law enforcement and security sector experts to track down the stolen assets and hold those behind the scheme accountable.
Coinbase introduced the ‘Bounty’ program, which includes the $20 million reward fund. The funds will be awarded to anyone who can offer information that leads to the arrest and conviction of the culprits responsible for the attack.
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