Coinbase (NASDAQ:COIN) recently revealed that it had been the target of a hack that was enabled by certain insiders. The event embarrased the crypto exchange as it has long sought to lead the sector in security and safety.
Today, Irdeto, a Dutch cybersecurity firm, says it has inked a partnership with Coinbase that will allow Coinbase to benefit from early detection and intervention against hackers and other bad actors.
According to the company statement, Coinbase will benefit from identifying individuals who are infringing on the company’s IP, including trademarks and copyrights. As the use of crypto by illicit entities has climbed from 13% in 2022 to 17% in 2023 and surged to 19% by the end of 2024, the service aims to help mitigate this threat.
Irdeto will help Coinbase identify and remove bad actors from the platform, thus interrupting the crooks’ abilities to receive payments for illegal services.
Mark Mulready, Vice President of Cyber Services at Irdeto, says:
“This is a powerful example of how strategic industry collaboration can disrupt criminal infrastructure and protect the digital ecosystem.”
John Kothanek, VP, Global Intelligence at Coinbase, says the partnership will help them to act swiftly on high-quality information to disrupt bad actors at an early stage.