According to CNN, five people were arrested in connection with the kidnapping. Related: US crypto funds top $7.5B inflows in 2025 as investor appetite growsCrypto exchanges need “layered” cybersecurityTo prevent similar user data breaches, crypto exchanges need to adopt a “layered defense strategy,” according to Ronghui Gu, the co-founder of CertiK Web3 security firm.“This can include privileged access management, zero trust architecture, multi-factor authentication across internal systems, and continuous monitoring with behavioral analytics,” Gu told Cointelegraph, adding: “Preventive measures such as regular phishing simulations, tailored security training, and restricting third-party access to sensitive systems may help reduce these risks.”However, crypto platforms will need to “rethink their security posture” as attackers “increasingly target human vulnerabilities rather than technical ones,” added Gu, warning of the rising threat of social engineering schemes.
Using the cheapest option for customer service has its price,” Arrington said in a May 20 X post, adding:“Something that has to be said though - this hack - which includes home addresses and account balances - will lead to people dying.It probably has already.”Source: Michael ArringtonWhile no passwords, private keys or account funds were exposed, cybercriminals reportedly bribed overseas customer service contractors to access internal systems.
A recent data breach at crypto exchange Coinbase has raised concerns about user safety after hackers gained access to sensitive information including home addresses.
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Author / Journalist: Cointelegraph by Zoltan Vardai
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