The founder of online news publication TechCrunch has claimed that Coinbase’s recent data breach “will lead to people dying,” amid a wave of kidnap attempts targeting high-net-worth crypto holders.

TechCrunch founder and venture capitalist Michael Arrington added that this should be a point of reflection for regulators to re-think the importance of know-your-customer (KYC), a process that requires users to confirm their identity to a platform. He also called for prison time for executives that fail to “adequately protect” customer information.

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Author: Ryan Gladwin

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