16 May, 2025

Coinbase Hack Exposes Security Gaps in Crypto's Most Trusted Name

$400 Million Breach Shows How Vulnerable Even the Biggest Crypto Firms Still AreCoinbase, the most prominent US-based crypto exchange and a symbol of crypto's entry into mainstream finance, is now dealing with a data breach that strikes at the core of its credibility. The incident is expected to cost the company around $400 million, but the financial damage is only part of the story.What Happened?Hackers gained access to sensitive customer data by bribing support agents contracted through business process outsourcing (BPO) firms in India. This wasn’t a sophisticated exploit of Coinbase’s codebase — it was a social engineering attack. They paid off insiders to leak personal information.The data accessed includes names, addresses, dates of birth, government ID numbers, banking details, account balances, and more. These details can be used to impersonate Coinbase, target customers with phishing attempts, or worse, impersonate the victims with other financial service providers.Why This Is DifferentThis is not just another crypto hack. Coinbase is the primary custodian for $122 billion in assets held by spot Bitcoin ETFs. It's the first crypto exchange listed on a US stock exchange and was just added to the S&P 500 Index. That inclusion puts its shares into countless retirement funds and index portfolios.The breach was revealed just days after that milestone, and it triggered a 7 percent drop in Coinbase shares. Investors are also watching closely due to a separate investigation by the US Securities and Exchange Commission into whether the company misstated user data in past filings.Ongoing Risk and ResponseCoinbase insists that its institutional services, including Coinbase Prime, were not compromised. The company also says that affected agents were immediately fired and their access revoked once suspicious behavior was detected.However, a person familiar with the situation said that the hackers had intermittent but repeated access to internal systems since January. At one point, the attackers reportedly demanded a $20 million ransom in exchange for deleting the stolen data.Rather than comply, Coinbase is offering a $20 million bounty to anyone who can help identify and convict those responsible.Coinbase stated that less than 1 percent of monthly active users were affected and that any customers who lost funds will be reimbursed in full. The company also began notifying affected users via email, stating that passwords, seed phrases, and direct access credentials were not exposed.Impact on High-Net-Worth ClientsSome users are worried about more than just financial loss. With recent violent incidents targeting prominent figures in the crypto world, including kidnappings and physical assaults, the leak of personal details has raised concerns about physical safety.Mike Dudas, managing partner at web3 firm 6MV and one of the individuals targeted, said the breach's scope is “staggering” and raises urgent questions about personal security.Crypto's Social Engineering ProblemThis case is the latest in a string of attacks using human vulnerabilities instead of software exploits. In 2024 alone, over $2.2 billion has been lost to hacks in the crypto space. Bybit’s $1.5 billion breach earlier this year was also the result of social engineering.Nick Jones, CEO of crypto infrastructure platform Zumo, says attackers are using increasingly advanced techniques, including AI, to bypass defenses and trick employees into handing over sensitive data.Bottom LineEven the most established and regulated crypto companies remain exposed to basic forms of manipulation. As Coinbase scrambles to contain the fallout and reassure investors, the breach serves as a blunt reminder: no one is immune — not even the biggest player on the field.

10 May, 2025

LADT Signs Blockchain Agreement with Laos Ministry of Technology and Communications

On May 9, 2025, Lao National Digital Technology Group Co., Ltd. (LADT) and the Ministry of Science and Technology of Laos officially signed a Strategic Cooperation Agreement. The two parties will carry out in-depth cooperation in the construction of national blockchain infrastructure as well as the development and issuance of digital assets. This collaboration marks the first time the Laotian government has officially participated as an initiator in the construction of national-level blockchain and digital finance, signifying the acceleration of the implementation of a series of digital projects centered on the “USDA” ASEAN stablecoin.The signing ceremony was conducted on behalf of the company by LADT Chief Operating Officer Ms. Humble Wu and Legal Representative Mr. Meksavang Phommaly. Guests attending the ceremony on behalf of the Lao government included:● Mr. Khamlay Sipaseuth, Member of the Central Committee of the Lao People's Revolutionary Party and Vice President of the Lao Front for National Development● Ms. Sirilack Sayabounsou, Director General of the Department of Digital Technology, Ministry of Science and Technology● Ms. Phaiphone Bounthavong, Deputy Director General of the Department of Planning and Finance, Ministry of Science and Technology● Mr. Pasitthideth Luangvilay, Head of the Digital Information Center, Ministry of Science and Technology24 Months of Intensive Preparation: A Solid Step from Vision to ImplementationIt is reported that LADT and the Ministry of Science and Technology of Laos began exploring cooperation in 2023. Over the past 24 months, the two sides have conducted extensive testing and institutional design in areas such as national public blockchain development, stablecoin issuance, digital identity, and cross-border payments. The signing of this agreement represents the formal transition of these multi-year efforts into the implementation phase.Two particularly critical outcomes include:● Construction of the Lao National Blockchain MainnetLADT will provide a trusted digital infrastructure for future applications including e-government, supply chain finance, electronic contracts, and digital identity;● Compliant Issuance of the ASEAN Stablecoin USDAAs the first fiat-backed stablecoin intended for circulation across ASEAN, USDA’s legal and compliant issuance path has now been formally confirmed by the Laotian government.As the technical developer and compliance facilitator of the project, LADT will take the lead, while its subsidiary NewPay will be responsible for future USDA payment circulation and real-world application deployment.Strong Government Attention, Regulatory Scope Expanded to All Digital AssetsThis signing takes place against the backdrop of Decision No. 888/MOST, titled “Decision on Pilot Projects for Digital Asset Transactions”, issued by the Ministry of Science and Technology in September 2021. The decision explicitly defines “digital assets” to include both cryptocurrencies and digital tokens.Notably, the scope of this agreement has significantly expanded beyond the original focus on stablecoins. According to the terms, the Ministry of Science and Technology recognizes LADT’s future development and issuance of all types of digital assets. This policy adjustment not only provides LADT with broader regulatory support but also signals Laos’s intention to take a stronger step forward in the field of digital assets and Web3 infrastructure.A National Vision for Technological Transformation and Talent DevelopmentAfter the signing ceremony, LADT Chief Operating Officer Ms. Humble Wu was interviewed by the Vientiane Times, where she stated:“LADT is willing to leverage its years of experience and technical strength in blockchain to support the development of Lao national blockchain infrastructure, helping the country enhance its technological voice and financial influence in the ASEAN region.”She further pointed out:● LADT is committed to building an international platform that integrates research, application, and talent development. In the future, it hopes to attract outstanding blockchain and Web3 talent from around the world, especially through partnerships with local universities in Laos as well as educational institutions in China and other countries, to cultivate a workforce fit for the new era of technology;● In addition to driving technological progress, LADT also attaches great importance to social development in Laos. It is willing to shoulder more corporate social responsibility in areas such as education, basic financial services, and improving people’s livelihoods, striving to become a “responsible” national-level technology force.About LADTLao National Digital Technology Group Co., Ltd. (LADT) is a state-owned enterprise established under the supervision of the Ministry of Science and Technology and the Ministry of Finance of Laos. It is dedicated to the fields of digital technology, blockchain, public blockchain development, compliant digital currency issuance, third-party payment services, and digital infrastructure construction. LADT currently serves as a key technical support entity for Laos’s digital transformation strategy.Its third-party payment brand NewPay has obtained a legal license from the Central Bank of Laos (BOL) and has integrated with major payment channels such as WeChat Pay, Alipay+, and Visa. It has been a pioneer in launching application scenarios such as eVisa, cross-border consumption, and online bill payment, becoming a vital digital bridge between Laos and the ASEAN digital economy.