Coinbase teams up with Toronto FC for crypto push despite KYC data breach

Coinbase has recently partnered with Toronto FC in Canada as their exclusive cryptocurrency exchange and wallet partner, despite facing significant backlash from a recent Know Your Customer (KYC) data breach.

This multi-year partnership includes jersey patches, fieldside ads at BMO Field, a "Coinbase Lounge" at the stadium, and plans for digital games, contests, and crypto education campaigns targeting Canadian crypto holders.

The data breach, which occurred on December 26, 2024, but was only discovered in May 2025, compromised the personal information of nearly 70,000 users, including names, addresses, phone numbers, emails, masked Social Security numbers, bank account details, government-issued ID images, and account data.

The breach involved rogue overseas customer support agents who were bribed to leak this sensitive data. Although no passwords, private keys, or funds were directly stolen, the leaked information facilitated social engineering scams that caused significant financial losses estimated between $180 million and $400 million.

Coinbase has refused to pay the $20 million ransom demanded by the attackers and instead offered a $20 million reward for information leading to the hackers' arrest.

The company is cooperating with U.S. authorities investigating the breach and has pledged to reimburse customers who were tricked into sending funds to scammers following the incident.

Despite the ongoing scrutiny and legal challenges stemming from the breach, Coinbase is expanding its presence in Canadian sports, aiming to rebuild trust and engage with the crypto community through these new partnerships.

The company emphasizes that no private keys or passwords were exposed and that it is investing in enhanced security measures to prevent future incidents.

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