Coinbase CEO Brian Armstrong took a bold stand against cybercriminals who attempted to extort the cryptocurrency exchange for $20 million in Bitcoin, threatening to leak sensitive customer data stolen through bribed overseas support agents. Instead of paying the ransom, Armstrong publicly rejected the demand in a transparent video posted on X, announcing a $20 million bounty for information leading to the arrest and conviction of the attackers. This decisive move, which involved reimbursing affected customers and relocating support operations to enhance security, was widely praised on X as a masterclass in crisis management, showcasing Coinbase’s commitment to user trust and setting a strong precedent for combating cyber extortion in the crypto industry.
