Coinbase hit with wave of lawsuits over customer data breaches

Coinbase is facing at least six lawsuits filed between May 15 and May 16 that accuse the crypto exchange of failing to protect user data and of handling the breach aftermath poorly. In one New York federal court case, plaintiff Paul Bender argues that Coinbase failed to implement and maintain reasonable security safeguards, and that its response was "inadequate, fragmented, and delayed." The breach followed a $20 million extortion attempt in which cybercriminals bribed customer support agents to access internal systems, and Coinbase said it refused to pay. The company expects reimbursement expenses of $180 million to $400 million, according to a filing with the US Securities and Exchange Commission.