According to Bloomberg, Coinbase Global Inc. CEO Brian Armstrong stated that a former Coinbase customer service outsourcing staff member has been arrested in India for involvement in a hacking incident. Coinbase disclosed in May this year that hackers bribed contractors or employees outside the United States to obtain sensitive customer information and demanded a ransom of $20 million. The incident is considered one of the more serious security breaches in cryptocurrency trading platforms, with the company estimating that the related remediation costs could reach up to $400 million. A Coinbase spokesperson confirmed the arrest in India and said that the development is related to the company's recent cooperation with the Brooklyn District Attorney’s Office investigation, which has filed charges against a Brooklyn man suspected of impersonating Coinbase for a long period to commit fraud.