Ransomware Heist Hits Coinbase — $400M Cyberattack Only 3 Days After Joining S&P 500

Very strange timing — 72 hours after joining the S&P 500, Coinbase is already back in the headlines.

A massive ransomware attack has reportedly hit Coinbase, costing the crypto exchange upwards of $400 million in stolen assets, according to early breach estimates. The breach—rumored to have stemmed from compromised foreign contractors—has jolted both the financial and cybersecurity sectors. Coinbase is now offering a $20 million bounty for intel leading to the attackers, a flashy Band-Aid for a wound that exposes far deeper systemic flaws.

Meanwhile, Capitol Hill is parading around the Public and Private Sector Ransomware Response Coordination Act of 2025 (H.R. 807) like it’s the cybersecurity silver bullet. The bill mandates more reports, more collaborative task forces, and yes—more committees. But while bureaucrats debate formats for memos, actual cybercriminals are cashing out.

The real issue? Weak internal protocols, sloppy vetting of overseas contractors, and a federal system that still thinks ransomware is a PowerPoint topic, not an economic threat. Coinbase’s breach is just the latest chapter in a string of high-profile digital disasters that show how ill-prepared both private companies and regulators remain.

Instead of funding another layer of D.C. red tape, lawmakers should push for aggressive prosecution, strict oversight of offshore contracting, and real consequences for firms who gamble in high-risk cyber territories.

Cybercrime isn’t waiting for your next hearing.