Coinbase Data Breach Will Lead to People Dying, TechCrunch Founder Says(decrypt.co)
decrypt.co
Coinbase Data Breach Will Lead to People Dying, TechCrunch Founder Says
https://decrypt.co/321076/coinbase-data-breach-will-lead-to-people-dying-techcrunch-founder-says
11 comments
> They are just immature and not serious companies.
Every company running on "Founder Mode" where the founder is banking on weak regulations and low competition instead of a solid product with customer safety guardrails will end up this way.
Every company running on "Founder Mode" where the founder is banking on weak regulations and low competition instead of a solid product with customer safety guardrails will end up this way.
basically the entire space of so called AI:)
Is there a pattern for encrypting email, name, phone fields so db leak wont be valuable? Of course we should be able to login, send marketing emails etc.
Yes because crypto exchanges born out of the wild west like conditions don't want to actually do any KYC. So they do some whacky solutions.
The linked article leans hard into blaming KYC, when clearly improper data handling and security by Coinbase is the true cause. This is something we've seen repeatedly with crypto exchanges: Abysmal data protections and security. Wealth is not new, and financial institutions have managed this information fine. There is an issue specifically in the crypto space with poor security practices.
Of course the tech industry's solution to the problem is to spend tens of millions in lobbying to get rid of the KYC regulation, rather than a few bucks upgrading their security systems to what banks of had for several decades.
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Some of the quotes in the article try to blame some of the harm from Coinbase's data breach on "know your customer" regulations. It's such self-serving nonsense.
Society is within its rights to demand that financial institutions both (1) protect their customers' sensitive personal information and (2) fight money laundering, which AFAIK is impractical without KYC rules at institutions like Coinbase that connect crypto to the traditional monetary system.
Society is within its rights to demand that financial institutions both (1) protect their customers' sensitive personal information and (2) fight money laundering, which AFAIK is impractical without KYC rules at institutions like Coinbase that connect crypto to the traditional monetary system.
My point here is that Coinbase (blaming this on a "overseas" employee) and the TechCrunch founder are missing that traditional finance companies have already solved these issues. They are just immature and not serious companies.