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Coinbase Foils Extortion Attempt, Reinforces Bug Bounty Program

Coinbase (COIN), America’s largest cryptocurrency exchange by trading volume and the first crypto exchange to go public on a U.S. stock market, is raising awareness of its bug bounty program after a recent extortion attempt.

A malicious actor emailed both Coinbase and CoinDesk earlier this month, claiming to have “dehashed” and “decrypted” sensitive data from 306 million Coinbase user accounts (Coinbase says it’s not mathematically possible to “dehash” or “decrypt” data). The individual threatened to go public if Coinbase didn’t shell out $450,000.

Coinbase’s security team contacted the extortionist and later confirmed claims of a breach were unfounded.

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