Coinbase Cartel is a financially motivated data extortion group that emerged in September 2025, rapidly ascending to become one of the most active groups globally by focusing solely on data exfiltration rather than traditional encryption-based ransomware. This group operates independently, eschewing the Ransomware-as-a-Service model, and is assessed to comprise affiliates drawn from known cybercriminal collectives such as ShinyHunters, Scattered Spider, and Lapsus$. What uniquely distinguishes Coinbase Cartel is its primary reliance on purchasing and exploiting compromised credentials from infostealer malware logs for initial network access and its exclusive use of data leak sites for extortion, threatening public exposure of stolen sensitive data to compel payment. Despite its name, the group has no confirmed affiliation with the cryptocurrency exchange Coinbase; the branding appears designed for psychological impact.

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