After Coinbase disclosed that the cryptocurrency exchange received an email from an unknown threat actor claiming to have information about certain customer accounts, the publicly traded company forecast a hit of up to $400 million from the cyberattack.
Within hours, attorneys who represent Coinbase users sued the crypto exchange over its alleged failure to implement practices and systems to mitigate against the risks posed to ensure that the company safeguards personally identifiable information. These class action lawsuits were largely filed in the Southern District of New York and the Northern District of California.