Coinbase has promised compensation to all affected users. The company will also cover losses for users deceived by social engineering attacks during this process, aiming to maintain user trust. Additionally, Coinbase created a $20 million reward fund to incentivize information leading to the identification of the attackers. The crypto exchange has started implementing new security measures to prevent user harm. 

Coinbase Cyber Attack

In a clear stance shared on X , Coinbase CEO Brian Armstrong stated: 

“We will not pay ransom to extortionists. Instead, we offer a $20 million reward to those who provide information leading to the identification and prosecution of the perpetrators.” 

Following the attack, Coinbase increased its security measures. A new customer support center was established in the US, where identity verification and fraud awareness notifications became mandatory. Moreover, additional identity verification processes were added for high-value transactions. These steps aim to protect user accounts. The company also announced that it will provide regular updates to users in the coming days. 

The Method Behind the Attack 

The attackers attempted to infiltrate the system by bribing some customer representatives working abroad. Coinbase described this as an unusual and complex social engineering attack. However, the attackers did not gain access to sensitive systems. 

Coinbase estimates that less than 1% of users’ data was affected. Nevertheless, it warned customers to remain vigilant against potential fraud risks. This incident has once again highlighted the growing cyber threats in the crypto sector. Last year, India-based WazirX lost $230 million in a similar attack. Coinbase’s breach underscores the urgent need for data security and regulatory measures. 

Security at crypto exchanges has become not only a technological but also a strategic priority. Users should protect their accounts with two-factor authentication and strong passwords. 

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

The post Coinbase Hit by Cyber Attack: CEO Sends Message of No Ransom appeared first on Coin Engineer.

The first executive action mandates that the Treasury Department use electronic payments whenever possible, moving away from paper checks. This shift aims to streamline payments and reduce the risk of fraud and waste. The second executive order orders the federal government to cease issuing paper checks by the end of the fiscal year, September 30, 2025, and transition to direct deposit, prepaid accounts, and other digital payment options.

At a White House briefing, Trump stated, “We’re doing this, and we have other modernization programs going on. These are steps that should have taken place decades ago.”

Addressing Fraud and Waste in Federal Payments

The initiative is part of the Trump administration’s continued efforts to tackle fraud within the Treasury’s payment system. Notably, members of Elon Musk’s Department of Government Efficiency were granted access to Treasury’s payment database at the start of Trump’s presidency, though this has sparked privacy concerns and legal disputes.

You Might Be Interested In: Elon Musk Talks About the Name of a New Memecoin!

orders also direct agency heads to collaborate with the Treasury Department to ensure payments are directed to their intended recipients, introducing more rigorous controls to safeguard taxpayer funds.

Shift to Digital Payments

The vast majority of federal payments, including Social Security, food stamps, and tax refunds, are already made through electronic means, and the federal government has been pushing for years to transition fully to digital payment methods. The Treasury Department aims to increase the disbursement rate for non-tax-related payments to 98.4% by 2025.

Trump on Tariffs: “Customs Tariffs Will Create More Jobs”

In addition to the payment modernization efforts, President Trump emphasized the economic benefits of customs tariffs, suggesting that they would drive job creation and strengthen the economy. His administration continues to implement trade policies designed to boost domestic manufacturing and reduce reliance on imports.

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

The post Trump Orders to Modernize Payment Systems! appeared first on Coin Engineer.