Crypto security researcher Taylor Monahan has criticized Coinbase CEO Brian Armstrong, accusing the exchange of neglecting user safety in favor of growth. Monahan's comments came in response to Armstrong's announcement of Coinbase's 2026 roadmap, which focuses on expanding global operations and scaling stablecoins. She highlighted past security failures, including a $350 million loss in 2025, and claimed that Coinbase had been repeatedly warned about these issues.
Monahan's concerns trace back to a December 2024 investigation by ZachXBT, which revealed a suspected exploit involving Coinbase Commerce. The investigation detailed $15.9 million in suspicious USDC outflows on Polygon, which were later moved to Ethereum and obscured through mixers. Monahan argues that despite these incidents, Coinbase has not prioritized fixing known vulnerabilities, criticizing the leadership for seeking more users without addressing security flaws.
ZachXBT has also criticized Coinbase for account lockouts and a data breach that allegedly led to user losses. He claims that the platform's lack of transparency and weak responses to scams have resulted in significant financial losses. These criticisms underscore ongoing concerns about Coinbase's security practices and user protection measures.
Coinbase CEO Criticized for Security Lapses Amid 2026 Roadmap Unveiling
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