The attackers demanded 40 BTC (approximately $4.3 million) from Gokal. Their posts included statements such as: “You should have paid 40 BTC” and “It was only 40 BTC… you should have paid.” Following these threats, the hackers posted a photo of Gokal holding his passport, his personal contact details, and images of an unidentified woman.  

Security Alarm in the Solana Ecosystem  

Additionally, they changed Migos’ Instagram bio. They promoted a new meme coin and shared links directing users to various Telegram groups. Security experts believe these groups aim to scam users with fake investment promises. Instagram removed the posts after about 90 minutes, but the content had already reached millions.  

Blockchain researcher ZachXBT revealed details of the attack on social media:  

“They targeted Gokal’s personal accounts. Using the information they gathered, they tried to extort money from him. It seems when he didn’t pay, they started exposing him. Today, they took over Migos’ account to spread this content.”  

Meanwhile, The Rollup co-founder Andy claimed that a Solana wallet balance belonging to a person named “Arvind” was also leaked in the posts. However, this person’s identity remains unclear.  

JUST IN: Hackers compromised rapper Migos’ Instagram account to leak Solana co-founder @rajgokal's passport, ID, and family pictures.

The materials appear to be KYC images, raising questions about whether the source may be linked to recent @coinbase data breach.

The caption… pic.twitter.com/wKEVKP1dFi

— SolanaFloor (@SolanaFloor) May 27, 2025

Gokal had warned his followers on X (formerly Twitter) days before the attack:  

“They tried to take over my email, social media, Google, and Apple accounts. If you see any suspicious posts about token launches or fundraising, know that it’s not me. Please be cautious.”  

The Solana (SOL) Foundation also issued an official statement regarding the incident:  

“This attack targeted Raj Gokal’s personal security. The Solana network and its projects were not affected. However, this event reminds everyone operating in the digital asset space to review their security.”  

The foundation also issued warnings to the community, emphasizing that users should trust only announcements from official channels. Additionally, they recommended basic security measures such as two-factor authentication, strong passwords, and regular account checks.  

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Changpeng Zhao (CZ), the founder of Binance, issued a serious warning to crypto users in a post on the social media platform X. He highlighted an increase in phishing attacks and urged users to take immediate precautions against these threats. 

Scammers often impersonate fake support representatives to steal user information. CZ emphasized that passwords should never be shared with anyone. Genuine support teams never ask for passwords. He also advised against clicking on links received via email. Users are recommended to type the URL directly into the browser to access sites. This method can prevent most phishing attacks. 

Password Security and Password Managers 

Binance’s CZ stated that the same password should not be used across different platforms. Each site should have unique and strong passwords. Password managers offer extra protection by recognizing fake domain names. These small but crucial steps can prevent significant losses. CZ said, “Use unique passwords for each platform. Password managers make this process easier.” 

Two-Factor Authentication and Hardware Keys 

CZ recommended hardware-based 2FA to enhance security. Physical security keys like Yubikey significantly reduce phishing attacks. These keys verify that the person logging in is really you. Research by Binance on users in Asia supports CZ’s words. According to data, 80% of users use two-factor authentication. However, the use of advanced security tools remains low. 

For example, only 21.5% use phishing prevention codes, and just 17.6% use IP whitelisting features. These figures indicate the need for users to develop more conscious security habits. 

Coinbase Incident and Increasing Threats 

Last week’s Coinbase incident revealed the seriousness of the threats. Some overseas support staff accepted bribes to gain access to customer information. This showed that not only technical but also human vulnerabilities pose significant risks. The crypto ecosystem is becoming increasingly complex day by day. The type and frequency of cyberattacks are rising. Therefore, users must not remain passive. It is important to remember that security is not only the responsibility of companies. 

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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. 

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