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Key Points: ZachXBT highlights $300 million Coinbase hack; attack involved bribery. Details expose compliance weaknesses and rapid fund transfers. Security experts call for enhanced threat detection mechanisms. Blockchain investigator ZachXBT exposed a significant security breach at Coinbase in October 2025, where attackers stole $300 million by bribing customer support for unprecedented cryptocurrency theft. The breach highlights critical vulnerabilities in Coinbase’s compliance and detection mechanisms, affecting market confidence in crypto exchanges’ ability to safeguard assets. $300 Million Stolen: Coinbase’s Bribery-Fueled Breach Exposed Attackers exchanged around 5 million DAI for 5 million USDC, holding it in USDC before a cross-chain transfer. These funds were undetected for 35 minutes due to compliance lapses. Coinbase experienced significant reputational damage as users question the effectiveness of insider threat detection systems and compliance measures. Brian Armstrong confirmed a ransom demand for $20 million in Bitcoin. “Coinbase has failed to flag or freeze known theft addresses, even weeks after reports of fraudulent activity. No other major exchange registers the same problem,” said ZachXBT. Industry leaders, such as BlockSec’s Andy Zhou, emphasize the need for “strict employee background checks” and prompt reaction capabilities. Nick Tausek from Swimlane highlighted the incident as a salient reminder to enhance insider threat detection as outsourcing increases. Experts Demand Stringent Controls Following Recurring Security Lapses Did you know? In 2023, a similar Coinbase theft event led to losses of $15.9 million, highlighting repeated vulnerabilities within support and verification processes. According to CoinMarketCap, Dai remains at $1.00 with a market cap of $5.36 billion. The trading volume jumped by 44.60% in the past 24 hours, with a 24-hour price increase of 0.26%. These figures reflect DAI’s stable market position amidst volatile conditions. Dai(DAI), daily chart, screenshot on CoinMarketCap at 18:25 UTC on October 2, 2025. Source: CoinMarketCap Experts from Coincu propose that addressing compliance…

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Filed under: News - @ October 2, 2025 8:29 pm