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Coinbase fires compromised agents in India— Report

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Coinbase has reportedly fired a group of customer support agents following their alleged involvement in social engineering attacks on users. The contracted agents were based in India.

According to a May 15 Fortune interview, Coinbase’s chief security officer, Philip Martin, said the company flagged customer support contractors who allowed scammers access to user data, suggesting they could be Indian nationals. The CSO’s comments came after some crypto users reeled from attempted phishing attacks using their Coinbase data, which the exchange estimated could cost them between $180 million and $400 million in remediation and reimbursement.

Qiao Wang, a core contributor to Alliance DAO, said in a May 15 X post that he may have been a victim of one of these attacks. He said a scammer notified him his Coinbase account had been compromised, asked him to verify his personal information, to which the criminals likely had access through the compromised agents, and requested he withdraw all his funds to a “Coinbase self-custodial wallet.”

“I called them out at the end of the call telling them they need to step up their game […],” said Wang on X. “They told me that had made $7m that day.”

Cointelegraph reached out to Martin and Coinbase for comments, but had not received responses at the time of publication.

This is a developing story, and further information will be added as it becomes available.

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Coin Market

S token drops 5% as 3 former execs resign from Sonic Labs board

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Andre Cronje, Michael Kong and David Richardson stepped down from the Sonic Labs board on Friday, while Matt Visser has been appointed as CEO, replacing Mitchell Demeter who resigned in February.

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$13B Bitcoin options expiry looms: Will bulls endure more pain in June?

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Bitcoin bears hold the upper hand in the upcoming Bitcoin options expiry, a potentially early warning that more BTC downside could unfold.

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Charles Schwab to enter prediction markets with S&P 500 wagers: WSJ

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The offering from the financial services company will reportedly only include yes-or-no bets on whether the S&P 500 closes above or below a target price.

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