Coinbase Says Former Agent Arrested In India Over Exchange Hack

Coinbase Global Inc. A former customer service representative of the largest US crypto exchange has been arrested in India, months after hackers bribed customer service representatives to gain access to customer information, Chief Executive Officer Brian Armstrong said.

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

A Coinbase spokesperson confirmed the arrest in India, adding that the news follows the exchange’s recent work with the Brooklyn District Attorney’s Office, where prosecutors filed charges against a Brooklyn man accused of running a “long-running impersonation scheme targeting Coinbase customers.”

Coinbase shares fell about 1.2% to $236.79 on Friday. The stock is down about 4.6% this year.